ICICIdirect issued a technical Buy call on Phoenix Mills. The stock broker recommends buying stock in the range of Rs 373-365 for a target price of Rs 445 with a stop loss below Rs 344.

Commenting on investment rationale, the stock broker said, "After a smart rally between June and July 2014 (RS 272-367) over six weeks, the stock price spent about seven weeks consolidating in the range of Rs 315-365 gathering steam for the next up move. Significantly, this consolidation consumed equal time taken by the preceding rally while price wise retracing it only by 50%. Such price/time ratios exhibit underlying strength in the trend and a bullish price structure, which boosts confidence in continuity of an uptrend. The rising 21-week EMA (currently placed at Rs 319) also coincided with 50% retracement and acted as a support during recent consolidation. From a classical theory perspective, the consolidation took a pictorial shape of a Bullish Cup and Handle pattern and broke past the same during Thursday’s session signaling resumption of the medium term up trend."

"We believe the stock offers a good reward/risk set-up to ride the next up-move. The 138.2% extension of June-July up move (Rs 272-367) as projected from the August 2014 lows of Rs 315 provides an upside target Rs 447 levels over the medium term," it said.

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