POSITIONAL TRADING ADVICE
Buy Sonata Software Limited (NSE: SONATSOFTW)
SONATA SOFTWARE STOCK RECOMMENDATION
|Buy Range||203 – 208|
|Target||225 – 230|
|Duration||10 – 12 Trading Days|
|Potential Returns^||9 – 12%|
|CP#||Idea||Buy Range||Target||StopLoss*||Duration||Potential Returns^|
|207.55||BUY||203 – 208||225 – 230||196||10 – 12 Trading Days||9 – 12%|
# CP – closing price on May 11, 2020.
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 216.
^ Potential returns are calculated based on the median of buy range.
SONATA SOFTWARE COMPANY OVERVIEW
Sonata Software Limited (NSE: SONATSOFTW), a Global IT Services company together with it’s subsidiaries, provides Information Technology Services and Solutions to its customers in the United States of America, Europe, Middle East and India. The company delivers solutions for customers in travel, retail, manufacturing etc. and consumer software vendors through IP-Led platform Rezopia, Brick & Click retail, Kartopia, Halosys and Rapid Engineering etc. The IT giant has a strong alliance with Global IT companies like Microsoft, Oracle, IBM, Lotus and HP to access to technology by participating in beta programme and business partner programme. Headquarter in Bengaluru, the company reported a standalone net profit of Rs 75.86 crore for the quarter ended December 31, 2019, compared to Rs 72.24 crore reported during the corresponding period of 208-19.
SONATA SOFTWARE STOCK INFORMATION
|Sectoral Index||Nifty IT|
SONATA SOFTWARE TECHNICAL ANALYSIS (WEEKLY)
- Sonata Software share price had formed a long consolidation symmetrical triangle pattern since 2018.
- As seen in the weekly Sonata Software chart analysis, the stock had given a downside breakout of its symmetrical triangle pattern on Mach 11, 2020. During the breakout, the share price had fallen vertically to 150-160 within a time span of ten days.
- The sharp fall had been restricted to 150-160, which is the Long term support for SONATSOFTW share. The stock hit the base and sharply moving upwards since then.
SONATA SOFTWARE TECHNICAL ANALYSIS (DAILY)
- March 24, 2020 – After retesting the support near Rs.150 again, the share price made a sharp U-Turn over the past couple of days.
- Price is moving in an uptrend by making higher highs and higher lows on the Sonata Software price chart.
- SONATASOFTW has taken support several times on the trendline moving northwards.
- The price forecast of Sonata Software limited will be upward as long as the steady support is moving higher along with price rise.
SONATA SOFTWARE TECHNICAL ANALYSIS - OBV (DAILY)
- The on-balance volume is also suggesting an upside in the stock. From the last few days, delivery buying was seen in the stock with positive price action, which further affirms our Sonata Software stock recommendation presented in the chart analysis.
CONCLUSION - SONATA SOFTWARE SHARE PRICE FORECAST
Based on our short term trading tips, Sonta Software share price target will be 225-230 in the next 10-12 trading days.
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⭐️ Ultra Equity Advice 128: ████#Nifty IT looks promising. This is a software company.#Stock recommendation - BUY— Goodluck Capital (@CapitalGoodluck) May 12, 2020
● Expected return 9-12% in 12 days
● Minimum profit ₹12,000/lakh #investmenthttps://t.co/lYQfzdXVkw#GoodluckCapital #tradingstrategy #trading #NiftyIT