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Short-term traders can look to buy the stock now or on dips for a possible target above 3600 levels in the short to medium term, suggest experts.
Syngene International has recently formed a double bottom pattern on the daily chart, complemented by a Morning Star pattern and notable volumes, signaling a bullish trend.
Sectorally, buying was seen in realty, IT, metal, auto, and healthcare stocks, while selling pressure was seen in the banking space. Stocks that were in focus include names like AstraZeneca Pharma, which rose more than 13% to hit a fresh high, Caplin Point, which gained more than 8%, and JB Chemicals, which closed with gains of over 9% to hit a fresh record high.
Cipla's price action is suggesting a positive bias, as the stock continues to see accumulation at the support of 100-simple moving average (SMA).
:Those who missed the rally can still look to buy the stock for a possible break above 1000 levels in the next 3-4 weeks, suggest experts.