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Technical Positional Pick - Buy Sobha Limited For Target Rs. 550- HDFC Securities 

TECHNICAL OBSERVATIONS

Sobha has been consolidating in a range between the 443-465 levels for the last few sessions after finding support near the previous swing lows tested in March 2021. This implies a double bottom formation on the daily and weekly charts.

Today, the stock broke out of this range (443-465) on the back of above average volumes, which augurs well for the uptrend to continue.

Technical indicators are giving positive signals as the stock is trading above the 50 day SMA. Momentum readings like the 14-day RSI too have started climbing, which is a positive signal for the coming sessions.

With the intermediate technical setup too looking positive, we expect the stock to gradually 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 @ Buy between 463-473 CMP 468.4 TGT 550 SL 450

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