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⭐️ Ultra Equity Advice #128 | Buy | Expected Profit 9-12%

 Buy  Sonata Software Limited (NSE: SONATSOFTW)

SONATA SOFTWARE STOCK RECOMMENDATION

CP#207.55
IdeaBUY
Buy Range203 – 208
Target225 – 230
StopLoss*196
Duration10 – 12 Trading Days
Potential Returns^9 – 12%
CP#IdeaBuy RangeTargetStopLoss*DurationPotential Returns^
207.55BUY203 – 208225 – 23019610 – 12 Trading Days9 – 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

Stock Data
NSE CodeSONATSOFTW
Sectoral IndexNifty IT
52W High362
52W Low147.25
Face Value1
Relative Performance - Sonata Software vs Nifty IT Index

SONATA SOFTWARE TECHNICAL ANALYSIS (WEEKLY)

Sonata Software NSE SONATSOFTW Price Chart - Weekly
Sonata Software NSE SONATSOFTW Price Chart - 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)

Sonata Software NSE SONATSOFTW Price Chart - Daily
Sonata Software NSE SONATSOFTW Price Chart - 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)

Sonata Software NSE SONATSOFTW Chart - OBV
Sonata Software NSE SONATSOFTW Chart - OBV
  • 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.

SONATA SOFTWARE SHARE PRICE LIVE UPDATE - POSITION & ACTIVITIES

Position: Long Sonata Software at ₹ 200 by GoodluckCapital on TradingView

Position: Long Sonata Software at ₹ 200 by GoodluckCapital on TradingView

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MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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