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Investors with a short-term perspective can consider selling the stock of Syndicate Bank at current levels. On June 27, the stock plunged almost 5 per cent with good volume breaking below key support at ₹76. However, the stock found support at its 200-day moving average poised at around ₹72.5 in the last two day. Since recording a 52-week high of ₹94.9 on May 9, the stock has been on a medium-term downtrend. Last week, the stock resumed its downtrend by breaching its 21 and 50-day moving averages.
The short-term trend is also down for the stock. With the continued weakness in the stock, it can breach the immediate support level of ₹72.5 and extend the downtrend. The daily relative strength index is featuring in the bearish zone and the weekly RSI is moving lower in the neutral region. Likewise, the daily price rate of change indicator is hovering in the negative territory implying selling interest. The short-term outlook is bearish for the stock. It can extend its downtrend and reach the price targets of ₹70.5 and ₹69 in the short term. Traders with a short-term perspective can sell the stock with a stop-loss at ₹75.5 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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