@Rajesh C. From what I've seen, that feature is not available for Synthetic Monitoring. The only Solution would be to implement a Maintenance window. You could try this:
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1.) Access your Synthetic monitor and click properties and Tag it ( EX: My Monitor)
2.) Set your Synthetic to run every 60 mins from the desired locationsesh
3.) Go into your maintenance windows and create a new Maintenance Window from Midnight to 5am
4.) Select the "All Entities" within the scope, click the filter and select the Tag you just created ( My Monitor)
5.) Select the recurrence to "Daily" and fill out the desired time frames
6.) Select the "Disable problem Detection..."
Do steps 3 - 6 again but change your time frames from 6am till midnight
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I have not tested this, but it may prevent the synthetic from running any time after 5am, which would save you licenses. you might need to tweak the time frames to end the maintenance window before 5am (4:50 or so)
Each Synthetic would need 2 Maint. Windows. Name them something useful as well like "*My Monitor Synthetic Prevention - 5AM check - (1/2)*"
