Sonata Software | Rounding bottom | Latest stock market news
(3 minutes read)

Stock name: Sonata Software

Pattern: Rounding bottom

Time frame: Daily

Observation:

The stock had shown a ferocious rally since covid lows by going up by more than 500% in a very less time span. Since October 2021, with the entire markets, this stock also started correcting and started consolidating in a rounding pattern.

The stock has recently picked up good momentum with support from the volumes and if it breaks out the resistance area, we can see some good upside momentum in this stock.

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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) Shares of Hindustan Zinc hit one-month low in intraday trade after the government opposed the company's planned $2.98 billion acquisition of zinc assets from Vedanta Ltd. amid concerns over valuations.

2) Shares of Samvardhana Motherson were trading higher in intraday trade today after the company inked a pact to acquire Germany-based SAS Autosystemtechnik GmbH. The deal was reached at EUR 540 million or around Rs 4,789 crore. SAS is a global provider of cockpit module assembly and logistics services for the automotive industry, with a strong exposure to the premium vehicle segment.

3) Shares of NMDC Steel got listed on the stock exchanges BSE and NSE today after the demerger of NMDC's steel business. The stock got listed at ₹37.75 per share.