Buy Syndicate Bank between 126 to 130 :: HDFC Securities

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Observation:
Syndicate Bank has broken out of the Rs.120-125.25 levels on Friday. The stock was trading within this range for a
major part of last week.
This breakout was accompanied with higher volumes than that seen in the previous sessions, indicating that there
was significant accumulation.
Technical indicators are giving positive signals as the stock trades above the short term (13 day SMA) and medium
term (50-day SMA) moving averages. The 200-day EMA has also been acting as a support for the stock in the last
one week, which is a positive signal.
Momentum indicators like the 14-day RSI too are in rising mode and not yet overbought. The 14-day RSI is also
above its 9-day EMA, which is a healthy signal for the stock.
Our upside targets are at the previous intermediate highs of 141.3 that was tested in early Dec 2014. The next
upside targets are at Rs.150. Our entry levels along with the stop losses are given above