Hello Readers,
Today our pick is Syngene International Ltd. It's a mid-cap company, engaged in contract research, development, and manufacturing services - from early discovery to a commercial model.
Our Mandatory checklists are
- Candlestick & Delivery Volume Analysis
- Future Open Interest
- Option Open Interest
- Technical Analysis using Ichimoku system
- Overall
- Stop Loss & Risk Reward Ratio
Let's look at the chart from the Tradingview below,
1. Candlestick & Delivery Volume Analysis:
The candlestick pattern for the past few days shows lower lows and lower highs in daily charts. We can expect a further bearish momentum in the stock below 446.
The percentage of delivery volume in terms of traded quantity is 58% as per the NSE website.
Also, as per the charts, the volume is above the average volume for the past 10 days and volume is increasing which shows positive momentum in the delivery.
2. Future OI:
The decrease in open interest was significant as per the data available.
3. Option OI:
As per the Option open interest, the maximum OI has been written at Rs. 620, 650, and 700. There is no immediate support as per the OI data.
4. Technical Analysis:
As per the Ichimoku indicator, the price is below the cloud and all the components are also showing negative bias as follows
- Tenken Sen - Points neutral and closer to the price
- Kijun Sen - Points neutral and close to the price
- Senkou Span A - Points neutral and cloud is red
- Senkou Span B - Points neutral and cloud is red
- Chikou Span - Free in open space and don't have any immediate support on its way
RSI is at 22 and pointing downwards which shows bearish momentum.
5. Overall:
Overall the stock is showing more negative clues than positive.
6. SL & RR:
Stoploss for the stock can be at 571 and Target can be at 500. The RR will be 1:2.23
Thanks to Tradingview, NSE India.