Sobha closed at a 2 year high on Tuesday, July 13, and moved up as much as 18 percent in just five days. The real estate index has been buzzing and advanced by 8.5 percent, but Sobha has outperformed and doubled its return in the last five days.
It’s backed by volumes; the Five-day average volume is 3 times as compared to one month daily average volume, and similarly, delivery volumes are also up nearly 2 times.
Considering a sharp upmove in the stock, its near-term support is Rs 512 – that’s a 20-day moving average (DMA) as well as Rs 505 – it’s a five-day low and the reason is that the company has come out with good sales and volumes for the quarter gone by and the real estate sector, which has been buzzing in the recent times as well.
Watch the accompanying video of CNBC-TV18’s Agam Vakil for more details.