After retesting its support zone of 200 EMA on the daily chart, BIOCON
has swiftly rebounded of late and looks upbeat to maintain this uptrend momentum. Further existence of support zone of short-term moving averages i.e. (100/50) EMA and bullish reversal in the pharma sector are added positive. We advise traders to create fresh longs as per the mentioned levels.
Last Close: Rs 267.25
Initiation range: Rs 262-266
Target: Rs 290
Stop loss: Rs 253
has been consolidating in a narrow range for the last two weeks, taking a pause after the recent rally. It’s comfortably holding above the support zone of multiple moving averages on the daily chart and likely to see a fresh surge in near future. Traders should utilize this buying opportunity and accumulate fresh longs in the mentioned range.
Last Close: Rs 1,143.05
Initiation range: Rs 1,140-1,150
Target: Rs 1,220
Stop loss: Rs 1,110
is a gradually inching towards its record high, after the marginal corrective phase. The chart pattern and positioning of the confirmation indicators are in the favour of strong up move in near future. We advise creating fresh longs in the given range.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.