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Investors with a short-term perspective can consider buying the shares of Sobha.
The stock surged 4.9 per cent on Monday despite the benchmark indices closing about 1 per cent lower.
The downtrend that had begun from the high of ₹368.7 in early August halted last week. The stock has formed a base by consolidating sideways between ₹244 and ₹257. The strong surge and a decisive close on Monday with a break above ₹257 have eased the downside pressure on the stock. Intermediate dips to ₹260 and ₹257 are likely to attract fresh buying interest.
The 21-day moving average at ₹267.5 is the immediate resistance.
A strong break above this hurdle looks likely now.
Such a break can take the stock higher to ₹270 and ₹275. Traders with a short-term perspective can go long in the stock.
Stop-loss can be kept at ₹258 for a target of ₹270.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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