The weekly timeframe chart of Syngene Worldwide signifies a downward correction within the inventory worth during the last couple of months. The inventory worth is in an try to type an essential backside reversal round Rs 567 ranges. The formation of bullish weekly candlestick patterns with lengthy decrease shadow in the previous couple of weeks alerts that the inventory worth is prone to bounce again sharply. It’s anticipated to verify a brand new increased backside round Rs 567 ranges and that might open contemporary shopping for participation in the direction of the upper prime of the sequence. Quantity has began to rise and weekly
RSI exhibits constructive indication. Shopping for could be initiated within the inventory at CMP (Rs 589.50), add extra on dips right down to Rs 570, await the upside targets of Rs 640 and Rs 670 in 3-5 weeks. Place a cease lack of Rs 552.
(Nagaraj Shetti, Technical Analysis Analyst, HDFC Securities)
