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Momentum pick: Sobha Developers Limited

Momentum pick: Sobha Developers Limited
by 5paisa Research Team 14/01/2022

Sobha Limited is engaged in the construction and development of residential and commercial projects. With the market capital of Rs 8658 crores, it is one of the most promising midcap company in the real estate and construction space. The company has reported higher than industry average revenue growth in the last five years. This shows the strong growth potential of the company and bright future it has in times to come.

The company is strongly supported by the institutions which hold about 30% of the company’ stake. A little more than 50% stake is being held by the promotors, while the rest is held by the HNIs and the public.

Last year, the stock performed exceptionally well on the exchange, as it delivered about 88% returns to its investors, and has outperformed most of its peers during the process.

The technical chart of the stock is quite strong, as it has taken out its prior swing high of Rs 918. Today, the stock has surged nearly 3% and has recorded above average volume. The stock was silent and trading rangebound since few trading sessions. With today’s price action, it has broken out from its resistance level at 900 and trades near day’s high.  Moreover, the stock trades above all the key moving averages. These moving averages are upward sloping, which suggests strong momentum of the stock.  Also, the MACD has given a fresh buy signal, thanks to the breakout. The Pring’s KST is also trading above the 0 line, indicating bullish sentiment of the stock.

The stock had recorded its all-time high of Rs 980 in the month of November. After a strong breakout, the stock has found the momentum which can help reclaim its all-time high levels and a potential to surge even higher. Thus, the stock deserves a place in trader’s watchlist.

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