HDFC Securities gives 'Buy' tag to this multibagger realty stock
Premium- HDFC Securities says that weekly time-frame chart of Sobha shares indicate a sustainable uptrend over the last many months
Multibagger stock 2021: Indian stock market has delivered stellar return to its investors, post first wave rebound, as many shares have entered into the list of multibagger stocks of the year. Real estate stock Sobha is also one of the outperformed stocks and brokerage firm HDFC Securities see more gains as it expects Sobha share price to go up to ₹970 per share levels in up to 3 months time frame.
Expecting uptrend in Sobha share price to further continue, HDFC Securities says, "Weekly time-frame chart of Sobha share indicates a sustainable uptrend over the last many months. Sobha share price has moved up consistently as per the positive sequence of higher tops and bottoms on the weekly chart. The recent swing low of ₹756 could be considered as a new higher bottom of the sequence."
"The cluster support of up sloping trend line and weekly 10 and 20 period EMA are intact and one may expect upside momentum to pick up from here. Weekly 14 period RSI is placed at 60 and its turn up from here could mean further strengthening of upside momentum for the stock price ahead," the brokerage report says.
On its suggestion to stock market investors in regard to this multibagger stock, HDFC Securities says that one can buy Sobha shares at current market price for up to 3-month target of ₹970 maintaining stop loss at ₹790 levels. The brokerage further says that one should accumulate around ₹815 levels if the real estate stock goes down to these levels.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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