PVR and INOX Leisure share prices were trading firm, defying the global markets on Wednesday. Shares of multiplex chains rose a day after the Competition Commission of India (CCI) rejected a complaint against the proposed merger of PVR and INOX Leisure, saying apprehension of likelihood of anti-competitive practices by an entity cannot be a subject of probe. AR Ramachandran, Co-founder & Trainer, Tips2Trades, told FinancialExpress.com that after a recent fall due to rumours of a big ticket movie failing, not surprisingly multiplex chains PVR and Inox Leisure stock prices have started the recovery including a strong uptrend today.
With a festive season coming up in October, both stocks look good for gains in the coming weeks, Ramachandran added. “A daily close above 545 should lead to targets of 620-650 in Inox Leisure in the coming weeks. While a daily close above 1965 for PVR should lead to targets of 2120-2240 in the days ahead,” he said.
In the late morning deals, PVR share price was up more than 2 per cent to Rs 1,948 apiece on BSE. INOX Leisure share price soared more than 5.5 per cent to Rs 550.40 apiece on BSE. The share price of PVR and Inox leisure are riding high taking cues from better than expected box office collections of latest movie Brahmastra, Ravi Singh, VP & Head of Research, Share India Securities, told FinancialExpress.com. “On technical setup also, the stocks are showing strength on daily charts with the major momentum indicators suggesting a pull back rally to 2050 levels in PVR and 600 levels in INOX Leisure in near term,” he said.
The broader market indices BSE Sensex and NSE Nifty 50 were trading in the negative territory on concerns over further rate hikes by the US Federal Reserve to tame inflation and weak global cues weighed on investor sentiments. The 30-share index was down 383 points or 0.6 per cent to 60,188, while NSE Nifty 50 fell 108 points or 0.6 per cent to trade at 17962. Earlier in June, both PVR and Inox Leisure informed that they had received clearances for their merger from the National Stock Exchange (NSE) and BSE.
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