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The short-term outlook for the stock of Sobha Limited is bullish. The 5.85 per cent rise on Tuesday marks the resumption of the upmove has been in place since mid-June. The 100-Day Moving Average at ₹627 has provided good support and the bounce happened from here. Immediate resistance is at ₹682. The chances are high for the stock to break above it. Such a break can take the stock up to ₹730-₹740 in the next two-three weeks. Traders can go long at current levels. Accumulate longs on dips at ₹645. Keep the stop-loss at ₹615. Trail the stop-loss up to ₹675 as soon as the stock moves up to ₹695. Move the stop-loss further up to ₹705 as soon as the stock touched ₹720. Book profits at ₹735.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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