Sonata Software Limited Stock Forecast
Sonata Software Limited stock downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on May 03, 2024)
The Sonata Software Limited stock price fell by -1.47% on the last day (Friday, 3rd May 2024) from ₹682.30 to ₹672.25. During the last trading day the stock fluctuated 2.78% from a day low at ₹666.45 to a day high of ₹685.00. The price has fallen in 5 of the last 10 days but is still up by 0.03% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -218 thousand shares and in total, 201 thousand shares were bought and sold for approximately ₹134.85 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -18.08% during the next 3 months and, with a 90% probability hold a price between ₹523.49 and ₹604.78 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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SONATSOFTW.NS Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 23, 2024, and so far it has risen 1.75%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Sonata Software Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹683.53 and ₹717.40. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Sonata Software Limited stock
Sonata Software Limited finds support from accumulated volume at ₹672.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹18.55 between high and low, or 2.78%. For the last week, the stock has had daily average volatility of 2.54%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SONATSOFTW.NS) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Sonata Software Limited to open at ₹674.57, and during the day (based on 14 day Average True Range), to move between ₹650.95 and ₹693.55, which gives a possible trading interval of +/-₹21.30 (+/-3.17%) up or down from last closing price. If Sonata Software Limited takes out the full calculated possible swing range there will be an estimated 6.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹672.05 (0.03%) than the resistance at ₹737.75 (9.74%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Sonata Software Limited will release earnings BMO on Tuesday, May 07, 2024. We will update the financials statements for Sonata Software Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.17% in the first trading day after earnings release.
Is Sonata Software Limited stock A Buy?
Sonata Software Limited holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.584 Sell Candidate Downgraded
Predicted Opening Price for Sonata Software Limited of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| ₹674.57 ( 0.345%) | ₹672.25 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SONATSOFTW.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 693.12 | 3.10 % | |
| R2 | 686.03 | 2.05 % | ||
| R1 | 681.65 | 1.40 % | ||
| Current price: | 672.25 | |||
| Support | S1 | 667.48 | -0.709 % | |
| S2 | 663.10 | -1.36 % | ||
| S3 | 656.02 | -2.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 808.25 | 20.23 % | |
| R2 | 760.45 | 13.12 % | ||
| R1 | 737.75 | 9.74 % | ||
| Current price | 672.25 | |||
| Support | S1 | 672.05 | -0.0298% | |
| S2 | 669.05 | -0.476% | ||
| S3 | 660.70 | -1.72% |
SONATSOFTW Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Nov 07, 2023 | Nov 07, 2023 | Nov 07, 2023 | ₹0 | 0% |
| 2 | Jul 21, 2023 | Jul 21, 2023 | Jul 21, 2023 | ₹8.75 | 1.67% |
| 3 | Oct 31, 2022 | Oct 31, 2022 | Oct 31, 2022 | ₹7.00 | 2.67% |
| 4 | Jun 15, 2022 | Jun 15, 2022 | Jun 15, 2022 | ₹9.75 | 3.77% |
| 5 | Oct 29, 2021 | Oct 29, 2021 | Oct 29, 2021 | ₹6.00 | 1.91% |
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