Sonata Software shares surge over 11% in 3 days: What charts indicate and how to navigate this rally?
For short-term traders looking to ride the momentum, Patel highlighted key technical levels to monitor:
Support: Rs 420
Immediate Resistance: Rs 453
Target: Rs 475
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Shares of Sonata Software have staged an impressive momentum over the past three trading sessions, climbing 11.48% and drawing significant attention from the market participants.However, the stock witnessed some profit booking in Wednesday's trade.The stock seems to be near the resistance of its consolidation, witnessed for the last 2 months. It is now trading near the Rs 440 level.According to Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, the recent up move follows a textbook breakout from a high-probability setup.'Sonata Software exhibited an inside value relationship between June and July Camarilla monthly pivots—a classic setup that often precedes explosive moves.'He further added, 'As anticipated, the stock broke out in the previous trading session and is now hovering near the Rs 440 mark. Given the breakout confirmation, we expect further upside towards Rs 475.'He also advised, 'Momentum traders may consider tracking the stock for follow-through buying opportunities.'Meanwhile, Shitij Gandhi, Sr. Research Analyst (Technicals) at SMC Global Securities , placed the stock's movement within a longer-term context.'Over the past five years, Sonata Software has delivered substantial returns to investors. However, 2025 saw a notable correction, with the stock declining sharply and slipping below the 300 level.'He pointed out that a technical rebound has been underway in recent months.'In recent months, a technical rebound has emerged, driving a gradual recovery toward the 420 level. The stock has also managed to climb back above its 100-day Exponential Moving Average ( EMA ) on the daily charts, signaling a potential shift in near-term momentum.'Despite the recent gains, Gandhi emphasized that broader trend indicators remain cautious.'From a technical perspective, the stock continues to trade below its 200-day EMA on both daily and weekly timeframes, indicating that the broader trend remains cautious.'Looking ahead, Gandhi identified Rs 475–Rs 480 as a critical resistance area and noted, 'A decisive breakout above this range would be necessary to confirm a sustained bullish reversal.'On the downside, he advised investors to track the Rs 400–Rs 380 support zone in case of any pullback.'Investors should monitor price action around these key levels for further directional cues,' Gandhi advised.Around 12:10 pm today, the shares of Sonata Software were trading 1.9% lower at Rs 431.85 on the BSE.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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