Sobha’s stock has shown a strong upward trend over the last month, trading above key moving averages and breaking a resistance level at ₹1,280.

The stock of Sobha has rallied steadily over the past month. Consequently, the price is now above both 21- and 50-day moving averages and the scrip has broken out of a resistance at ₹1,280. Since the beginning of 2025, the stock has bounced off the ₹1,100-1,120 support band thrice, denoting that this is a strong base. While it failed to create a positive impact during the first two attempts, the breakout of ₹1,280 last week resulted in the stock forming a higher high.

Video Credit: Businessline

The prevailing price action shows that there is potential for further rally. Buy at ₹1,315 and ₹1,280. Place stop-loss at ₹1,220. When the price hits ₹1,400, revise the stop-loss to ₹1,280. Alter the stop-loss to ₹1,350 when the stock touches ₹1,450. Book profits at ₹1,500.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on May 5, 2025