Sobha slips over 8% in two days

8 Dec 2022 , 02:58 PM

Shares of Sobha have fallen 8.5% in two trading sessions. The stock hit a 52-week high of Rs 1,045 on 19 January 2022. It hit a 52-week low of Rs 480.35 on 20 June 2022. The stock had underperformed the market over the past one month, falling 2.56% compared with 2.16% rise in the Sensex. The scrip underperformed the market in past one quarter, declining 14.33% as against Sensexs 4.72% rise. The scrip had underperformed the market in past one year, slipping 27.17% as against Sensexs 6.58% rise. On the technical front, the stocks daily RSI (relative strength index) stood at 43.330. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 633.34, 662.77 and 647.08, respectively. These levels will act as crucial resistance zones in near term. Sobha is primarily focused on residential and contractual projects. Its residential projects include presidential apartments, villas, row houses, super luxury & luxury apartments, plotted developments and aspirational homes. The companys consolidated net profit declined 69.6% to Rs 19.2 crore on a 14.4% fall in revenue from operation to Rs 667.3 crore in Q2 FY23 over Q2 FY22. Powered by Capital Market – Live News