Muharat trading special picks | Diwali top technical picks | Stocks to buy this Samvat | IndiaNotes.com
Stock has been trading in a consolidation range of Rs.530 to Rs.780 since February 2015. Looking at the price and volume movement, stock seems to be getting accumulated for the last 1 month. The highest monthly close for the stock was registered in June 2017 at Rs.766. In the current month of October 2017, the stock has already surpassed the resistance of Rs.766 and looking at its strength it is most likely that it will register highest monthly close by the end of this month.
The primary trend of the stock is bullish with higher tops and higher bottoms on the weekly charts. The stock has recently broken out from bullish “inverse head and shoulder” pattern, indicating continuation of primary uptrend. Short term moving averages are trading above medium and long term moving averages.
After falling from a high of Rs.569 (touched in June 2014), Sobha Developers was continuously making lower tops and lower bottoms.The stock found support around the Rs.214 levels in November 2016. These levels also roughly coincide with a previous intermediate low , thereby indicating that this is a strong support.
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