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.
Going long is becoming an overcrowded trade on Dalal Street, and any negative trigger could lead to a sharp correction, warn experts.
However, given the strong momentum, particularly in IT stocks, the downside could be protected in the immediate term. With the Nifty50 surging to new life-time highs, the bulls remain in control. Further upsides are likely once the immediate resistance of 21,492 is taken out.