On a longer time scale, it is respecting the flag formation breakout.
It is trading above all its important moving averages with a positive bias in momentum indicators. It has retested its previous breakout level of Rs 750 after hitting a fresh 52-week high. On the longer timeframe, the counter has witnessed the breakout of a classic peanut formation with huge volume. Sonata Software: Buy | LTP: Rs 834 | Stop-Loss: Rs 749 | Target: Rs 904 | Return: 8 percent Here are three buy calls for next 2-3 weeks: On the upside, the 20-DMA around 40,600 will be an important hurdle, while 38,400-38,000 is the next support zone on the downside. On the downside, 16,777 will be the next support level.īank Nifty has also slipped below its 200-DMA (39,578), but 39,000 is an important support level where we can expect a short-covering bounce. On the upside, the 200-DMA of 17,440 will be the first hurdle, and then 17,600 and 17,800 are the next resistance levels. However, the market is extremely oversold, and it may surprise with a dead cat bounce in the 17,000–16,900 zone.
The Nifty has slipped below its 200-DMA (day moving average) of 17,444, making the overall trend very weak.
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