Sobha Limited Stock Forecast
A very strong day for Sobha Limited stock price on Tuesday
(Updated on Apr 23, 2024)
The Sobha Limited stock price gained 5.88% on the last trading day (Tuesday, 23rd Apr 2024), rising from ₹1,620.40 to ₹1,715.60. During the last trading day the stock fluctuated 7.17% from a day low at ₹1,628.05 to a day high of ₹1,744.80. The price has risen in 7 of the last 10 days and is up by 11.4% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 734 thousand more shares were traded than the day before. In total, 938 thousand shares were bought and sold for approximately ₹1.61 billion.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ₹1,736.65 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 12.18% during the next 3 months and, with a 90% probability hold a price between ₹1,480.94 and ₹1,948.16 at the end of this 3-month period.
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SOBHA.NS Signals & Forecast
Mostly positive signals in the chart today. The Sobha Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹1,617.30 and ₹1,501.18. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, March 15, 2024, and so far it has risen 37.97%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Sobha Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹1,600.70 and ₹1,402.05. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Sobha Limited finds support just below today's level at ₹1,600.70. If this is broken, then the next support from accumulated volume will be at ₹1,402.05 and ₹1,348.55.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹116.75 between high and low, or 7.17%. For the last week, the stock has had daily average volatility of 4.28%.
Our recommended stop-loss: ₹1,653.15 (-3.64%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 24 days ago.)
Trading Expectations (SOBHA.NS) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Sobha Limited to open at ₹1,696.15, and during the day (based on 14 day Average True Range), to move between ₹1,635.36 and ₹1,795.84, which gives a possible trading interval of +/-₹80.24 (+/-4.68%) up or down from last closing price. If Sobha Limited takes out the full calculated possible swing range there will be an estimated 9.35% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹1,600.70, some ₹114.90 (6.70%) from the current price of ₹1,715.60, our system finds the risk reward attractive.
Is Sobha Limited stock A Buy?
Sobha Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 8.156 Strong Buy Candidate Unchanged
Predicted Opening Price for Sobha Limited of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| ₹1,696.15 ( 1.13%) | ₹1,715.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SOBHA.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,812.90 | 5.67 % | |
| R2 | 1,768.30 | 3.07 % | ||
| R1 | 1,740.75 | 1.47 % | ||
| Current price: | 1,715.60 | |||
| Support | S1 | 1,651.55 | -3.73 % | |
| S2 | 1,624.00 | -5.34 % | ||
| S3 | 1,579.40 | -7.94 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 1,715.60 | |||
| Support | S1 | 1,600.70 | -6.70% | |
| S2 | 1,402.05 | -18.28% | ||
| S3 | 1,348.55 | -21.39% |
SOBHA Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 28, 2023 | Jul 28, 2023 | Jul 28, 2023 | ₹3.00 | 0.478% |
| 2 | Jul 28, 2022 | Jul 28, 2022 | Jul 28, 2022 | ₹3.00 | 0.434% |
| 3 | Jul 29, 2021 | Jul 29, 2021 | Jul 29, 2021 | ₹3.50 | 0.593% |
| 4 | Jul 28, 2021 | Jul 28, 2021 | Jul 28, 2021 | ₹3.50 | 0.606% |
| 5 | Jun 27, 2020 | Jul 23, 2020 | Sep 06, 2020 | ₹7.00 | 2.76% |
FAQ
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