In the previous session, the market saw a gap up opening in the morning session and remained in a positive but sideways zone throughout the day. Technically, the Nifty index formed a Doji candle on the chart and closed with a net gain of 117 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 – Friday, December 24, 2021’ before the market opens.

Syngene International Ltd

NSE :SYNGENE   BSE :539268  Sector : Pharmaceuticals

We have posted a daily chart of SYNGENE. In the chart, we can see that the price has given a breakout above ‘Bullish Diamond Pattern’. It is a reversal chart pattern, in which we can see that up-down price action in the form of Diamond. As per the daily chart, a long entry signal was triggered in the previous session. Stock formed a Strong Bullish candle on the chart and closed with a net gain of 3%. Prices have been giving a break above the Ichimoku cloud which is a strong indication of a positive trend. In addition, the Relative Strength Index (RSI) on the daily chart is 58 which indicates bullishness.

In short, the trend for SYNGENE looks to be positive. A throwback can be expected near 608 levels. Use dips as a buying opportunity for a move towards 632 levels as long as 590 levels hold on the downside.

Check More Analysis on SYNGENE at: Syngene International Ltd