Sonata Software| Technical Analysis | Latest stock market news
(3 minutes read)

Stock name: Sonata Software

Technical Analysis

Time frame: Daily

Observation:
The stock has been in a downtrend since October 2021, as the whole IT index is doing the same thing. Since May 2022, we can see that the stock is consolidating, which indicates possible exhaustion in selling. The stock is trading in a range and had tried to break the range towards the upside, but could not do so and entered back in the range. Around 600 levels, there is a resistance, which was a support earlier. Once it starts trading above 600, it can head higher.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:
1. Q2 result update: TCS
Revenue up 18% YoY (Constant currency revenue up by 15.4%)
Net income up 8.4% YoY
Operating profit margin at 24%
The company has declared a dividend of Rs. 8 per share with the record date kept at 18^th October.

2. According to data issued by the Association of Mutual Funds in India (AMFI), net inflows into equity mutual funds increased by 130% month on month in September to Rs. 14,100 crores, after falling to a 10-month low of Rs. 6,100 crores in August.

3. MCA has approved demerger of NMDC steel plant in Chhattisgarh from the company.

4. Angel One, Cyient, Infosys and Mindtree are some of the companies which will post their results tomorrow.