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We recommend a buy in Syndicate Bank. From the weekly chart of Syndicate Bank we note that it has been on a long-term uptrend since April 2007 low of Rs 57. From the daily chart, we note that the stock’s uptrend began to accelerate in October 2007 and has been on a medium-term uptrend since then. However, after marking an all-time high of Rs 131 on January 2, the stock began to decline and is currently finding support at the 21-day moving average line as well as the uptrend line at around Rs 115. The weekly momentum indicator is featuring in the bullish region. The weekly moving average convergence divergence lines are steadily rising in the positive territory, indicating bullishness. The immediate support for the stock is at Rs 105 and the next support is at Rs 95 levels. Considering the intactness of the medium-term up trendline, we expect the stock to resume its uptrend and move up further to the immediate resistance level of Rs 131 level in the short-term. The short-term investors can buy the stock while keeping the stop-loss at Rs 107 level.

Yoganand D.

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