Sonata software
Looks like a good setup to make a long position.
Have taken entry at 796 with 5% Stop loss.
Breakout retest was not that panicking.
hence, looks good to me.
Sonata software view for today 9th Feb
Sonata Software breakout expectation above 644/645
Please follow strict risk reward and stop loss
Thanks,
V Trade Point
Sector Leader : NSE:CNXIT
Relative strength compared to Nifty 50 - NIFT IT clear outperformer since Jan 2023. Remember Nifty 50 is on downtrend while IT is on uptrend.
Now look for stocks which have better chart pattern than NIFTY IT. Some examples. These are going to perform better once NIFTY 50 turn positive
1) NSE:PERSISTENT
2) NSE:KPITTECH
3)...
The stock has reached lower trendline and may undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below support zone & the lower trendline. The target is placed near resistance.
Market is bearish , so take positions carefully.
Price has been in a major trading-range aka re-accumulation (that is the hypothesis) in this case. Volume signature is supportive of accumulation. Let's wait and watch this one.
