Phoenix Mills (NSE): Start of correction

Profile: Phoenix Mills is engaged, directly and through its subsidiaries and investments in the business of ownership, management, and development of large-format retail-led mixed use properties. The Company’s properties include shopping, entertainment, commercial, residential, and hospitality properties. Phoenix Mills owns and operates High Street Phoenix Centre in Mumbai.

The start of a deep counter trend phase is expected, especially once 568 is taken out as first support. A zig-zag decline back to roughly 508 is likely before a base is set and the longer term uptrend can resume. This correction could easily take 2-4 months to develop fully.

Cover longs and re-enter if/once a base is set around the 508-area. Note that the long-term trend only comes in danger below ~483.

  • Near term trend: negative
  • Long term trend: positive
  • Outlook: deep correction in uptrend
  • Strategy: exit-long and re-enter on larger dips
  • Support: 568 / 508.50 / 483-
  • Resistance: 610 / 707+
  • Outlook cancelled/neutralized: n/a

Weekly chart Phoenix Mills (NSE)