Syngene International (₹503.8): Buy

Akhil Nallamuthu BL Research Bureau | Updated on August 25, 2020 Published on August 26, 2020

The stock of Syngene International breached the psychological hurdle of ₹500 on Tuesday. It advanced and registered fresh all-time high of ₹512.8 before closing at ₹503.8. The fresh breakout has strengthened the bulls and the stock is likely to appreciate from the current level. Notably, it has been witnessing a stellar rally since bottoming out by the end of March as it formed a low of ₹212.5. Since then, in about five months, the scrip has more than doubled as per Tuesday’s closing price.

Just when the daily relative strength index appeared to be weakening, the rally on Tuesday has led to the indicator, which is already in the bullish zone, to show a fresh uptick. The moving average convergence divergence indicator, which was flat, is attempting take an upward path. Also, the stock has been forming higher highs and higher lows in the daily chart. So, the stock will most likely go up further. Hence, traders looking for short-term opportunities can buy with stop-loss at ₹485 and look for a potential target of ₹530.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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Published on August 26, 2020
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