In the previous session, the Nifty index consolidated within 100 points range throughout the day. The index saw a gap up opening in the morning. Later we have seen some sell off from higher levels in the Index. Market remained in a sideways zone throughout the day. Technically, the Nifty index formed a Bearish candle on the chart and closed with a net gain of 132 points. The price action will remain volatile; hence a stock specific approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Tuesday, June 28, 2022’ before the market opens.

Syngene International Ltd.

NSE :SYNGENE   BSE :539268  Sector : Pharmaceuticals

Syngene stock prices are moving in the form of a ‘Triple Bottom Pattern’. Recently, stock has closed near the neckline of the pattern on the chart. Stock price broke the pattern resistance today, but failed to sustain above the neckline zone. Further breaking above previous day’s high will confirm the trend. As seen on Parabolic SAR, Prices are comfortably closed above Parabolic support which is a sign of bullishness for the coming session. In addition, closing above long term 200 EMA support will confirm the trend as stock closed near the line.

In short, the trend for SYNGENE looks to be positive for now. Positions can be created only above 579 levels, which can take prices towards 612 levels. This outlook is valid as long as we do not see any closing below Parabolic SAR. If the price will sustain above 612 levels, then we will review this stock again.

Check More Analysis at SYNGENE: Syngene International Ltd.