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Published on 14/08/2020 12:31:05 PM | Source: ICICI Direct

Stock Picks - Buy Sonata Software Ltd For Target Rs. 332 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #IT Sector #Sonata Software #Trading Report #ICICI Direct

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Stock Picks - Buy Sonata Software Ltd For Target Rs. 332 - ICICI Direct

Observation:

* The stock has been trading in a well defined upward sloping channel, indicating positive bias. Currently stock logged a resolute breakout from the upper band of the channel, signalling acceleration of upward momentum augurs well for next leg of up move, thereby offering fresh entry opportunity

* During aforementioned channelised move stock elevated buying demand emerged at 20 days EMA, indicating elevated support base

* We believe the stock has immediate support at | 283 as it is 61.8% retracement of current up move (| 269-313), placed at | 286 levels

* Among oscillators, the daily MACD is pointing northward, indicating continuance of positive bias

* We expect the stock to resolve higher and head towards | 332 levels as it is the implicated target of the rising channel (| 294-257), projected from breakout area of | 294 is placed at | 331 levels coincided with a negative gap recorded on 6 Th March, placed in the range of (| 335-326)

 

Buy Sonata Software Ltd @ 297.00-304.00  TGT 332.00 SL 283.00

 

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