Stock Picks - Buy Sonata Software Ltd For Target Rs. 840 - ICICI Direct
Technical Observations
* The midcap IT space continue to outperform with most of the stocks placed at their all time high. The share price of Sonata Software is in strong up trend forming higher peak and higher trough in all time frame.
* The stock is seen forming a higher base at the rising demand line joining lows since February 2021 and 20 days EMA (currently placed at | 738) thus provides fresh entry opportunity
* We expect the stock to maintain positive bias and head towards | 840 levels being the price parity with previous up move (| 589- 750) as projected from the recent trough of | 674 signals upside towards | 840 in coming weeks
* Among the oscillators the daily 14 periods RSI has recently generated a buy signal moving above its nine periods average and is seen sustaining above the same thus supports positive bias.
Buy Sonata Software Ltd @ 760.00-775.00 TGT 840 SL 725
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