Gladiator Stocks - Phoenix Mills - ICICI Direct

Technical View

- The retail space has seen rejuvenation of upward momentum after couple of months breather. The Phoenix Mills is a key proxy of the Retail theme and has been an outperformer in the recent market correction. It offers fresh entry opportunity to ride next leg of up move

- Structurally, up move since November 2020 has been confined within well-defined upward sloping channel wherein on multiple occasions stock bounced from 50 days EMA, highlighting buying demand at elevated support base

- On the oscillator front, weekly MACD has been inching northward while sustaining above its nine period average, highlighting acceleration of upward momentum

Fundamental View

- Phoenix Mills (PML) is a leading retail mall developers and operators in India. It is into retail-led, mixed-use properties and has developed 17.5+ mn sq ft of retail, commercial, hospitality, and residential asset class. PML has an operational retail area of ~7 mn sq ft spread over nine operational malls, and is developing ~6 mn sq ft of retail space. It has of 2 mn sq ft operation in commercial segment and plans to add ~5 mn sq ft

- PML remains a quasi-play on India's consumption story, given the quality of assets, healthy balance sheet and strategic expansion plans. The QIP fund raise/investments by GIC/CPPIB has boosted the liquidity and growth ammunition

For details, click on the link below: Link to the report

Shares of The Phoenix Mills Limited was last trading in BSE at Rs. 1218.40 as compared to the previous close of Rs. 1234.25. The total number of shares traded during the day was 7798 in over 1529 trades.

The stock hit an intraday high of Rs. 1250.35 and intraday low of 1205.45. The net turnover during the day was Rs. 9519716.00.

Source : Equity Bulls

Keywords

ThePhoenixMills INE211B01039 GladiatorStocks ICICIDirect