Derivative Strategy for Biocon by HDFC Securities

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Derivative Strategy for Biocon by Devarsh Vakil & Nandish Shah - PCG Desk, HDFC Securities:

 

Buy Biocon February Future at Rs 616.5

Stop loss: Rs 604

Target:  Rs 640

 

Rationale:

 

We have seen long positions being built in Biocon futures today where we have seen open interest addition of 2% with price rise of 4%.

 

Stock price has given flag pattern breakout on the daily chart today with higher volumes, indicating continuation of an overall bullish trend

 

Momentum Indicators and oscillators are Indicating strength in the stock

 

Disclaimer: The analyst may have positions in any or all the stocks mentioned above


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