IGI Logo

Emargin Positional Pick - Buy Sobha Limited For Target Rs. 980 - HDFC Securities

* Sobha Limited is in an intermediate uptrend as it has been making higher tops and higher bottoms for the last several weeks and has been consistently finding support at the 20 week SMA.

* The stock was recently consolidating in a range above the 20 week SMA. On Monday, the stock broke out of this range on the back of above average volumes.

* Technical indicators are giving positive signals as the stock is trading above the 20 day and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue.

* With the intermediate technical setup too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.

Buy Sobha Limited Up to 1-3 Months @ Buying Range 775-819.45 CMP 819.45 TGT 980 SL 740

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337

Above views are of the author and not of the website kindly read disclaimer