Brigade Shares: Technical Weakness Points To ₹900 Support, Says SEBI Analyst

The real estate company has signed a new ₹1,200 crore residential project in South Bengaluru, but an analyst flags weak technicals.

Real estate developer Brigade Group announced that it had signed a joint development agreement for a new residential project in South Bengaluru, with an estimated gross development value (GDV) of ₹1,200 crore

In a regulatory filing on September 22, the company said it will be developing a residential project spread over 7.5 acres in Banashankari, 5th Stage, South Bengaluru.

Earlier this month, the Bengaluru-based realty company  signed a joint development agreement for a luxury residential project in East Bengaluru, with an estimated gross development value of around Rs 2,500 crore.

The stock has seen a 5% fall over the last month. 

Analyst Take

SEBI-registered analyst Financial Sarthis said Brigade’s chart structure is very weak. They flagged a triangle pattern formation and identified support near ₹900 on the downside, which is a golden ratio zone. 

They advised traders to monitor whether the stock sees a rebound from this level. If Brigade breaks and closes below ₹900, they see the possibility of further downside.

https://stocktwits.com/financialsarthis/message/629618039

What Is The Retail Mood?

Data on Stocktwits shows that retail sentiment has been ‘neutral’ for six months.

Brigade shares have declined 25% year-to-date (YTD). 

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