Shares of realty developer Shobha Ltd have delivered multibagger returns this year (Year-to-date or YTD), with the stock rising nearly 110% so far in 2021. From ₹290 per share level in November 2020, multibagger stock currently hovers ₹846 each. This is over 190% over a one-year period.
The domestic brokerage and research firm is seeing further upside in the shares of Shobha. A note as part of its e-margin positional stock pick said, “Shobha is in an intermediate uptrend as it has been forming higher tops and higher bottoms for the past several weeks and is consistently finding support in the 20-week SMA. Is.” .
HDFC Securities Buy on Realty Stock Comes with Target Price of Tag ₹With stop loss of 900/980 ₹740, taking into account the time horizon of 1-3 months. The stock was recently consolidating in a range above the 20-week SMA. On Monday, the stock moved out of the range on the back of above average volumes.
“Technical indicators are giving positive signals as the stock is trading above the 20 day and 50 day SMA. Daily momentum indicators such as the 14-day RSI have bounced back from oversold levels and are now in an uptrend. This bodes well for the continuation of the uptrend, said the brokerage note.
With the intermediate technical setup also looking positive, HDFC Securities believes that the stock has the potential to rise further in the coming weeks and hence has recommended buy rating on the realty stock.
Sobha is an Indian multinational real estate company headquartered in Bangalore, India. The real estate developer went public in 2006 by offering its shares through an initial public offering (IPO).
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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