PVR Inox Share Price Rally 5% On Stellar Weekend at BO: Buy?

On Monday, the shares of PVR Inox Ltd opened today higher at Rs 1665.05 apiece and jumped to Rs 1712.75 during morning deals clocking an intraday gain of 4.64% over the previous close while writing this copy.

According to the analysts of broking firm Prabhudas Lilladher, the rally in the share price PVR INOX has been triggered after a stellar weekend at the box office. The weekend witnessed big openings of movies like Gadar 2, Jailor, Oh My God-2 and Bhola Shankar.

The research analysts of Prabhudas Lilladher said, "Gadar-2 lives up to its name and creates a HAVOC at BO by minting Rs1.35bn in the opening weekend itself (3 days). It is now the 2nd highest opener of 2023 after Pathaan. As there is a holiday on account of Independence Day tomorrow one can expect a FULL HOUSE as the movie theme surrounds patriotism. Given such a solid start, Gadar-2 can easily surpass Rs2bn+ in lifetime collections."

"Jailor, another highly anticipated movie, starring Rajnikanth has also stormed the BO with collections of Rs1.46bn in the extended opening weekend," they further added.

Commenting on the collections of OMG 2, the analysts said "After a slow start, Oh My God-2 picked up pace on Sunday and has netted Rs0.43bn so far. Given good word of mouth and audience reviews, we expect the movie to pick up pace in second leg of its theatrical run."

Whereas, on the performance update of Bhola Shankar, the research analysts of Prabhudas Lilladher said, "Bhola Shankar, starring Chiranjeevi has got a weak response with collections of Rs0.24bn in opening weekend."

PVR Inox Share Price Target

Deven Mehata, a research analyst at Choice Broking said, "Potential investors should be encouraged by PVRINOX's recent price swings. The stock's recovery from a critical support level near 1580, which coincided with both the 20 and 200 Day Exponential Moving Averages, demonstrates strong buying activity at this level. Furthermore, the formation of repeated higher highs and lower lows on the daily charts indicates the presence of a positive upswing in progress. The Relative Strength Index (RSI) is comfortably hovering at 77, which indicates sturdy underlying strength."

"Significantly, the stock managed to overcome a significant resistance barrier at 1635, as evidenced by large trading volumes. This accomplishment strengthens the positive case and signals rising demand, which might send the stock further higher. A medium-term objective of 1860 has been projected as part of the technical analysis, indicating the possibility of further price growth," said Deven Mehata.

PVRINOX is on fire and recently we had recommended in near 1440 and today its trading at 1700. It has more potential to go up. You can expect more gains in it. Keep stop loss at 1505 and targets expectation in from 1850 to 2500 in a very short period. said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.