The pharma index has been rallying for the last five months and Biocon
is among the top performers. After forming a new record high in July 2020, it has been seeing profit-taking. The stock has now reached closer to immediate support zone around 380 levels. Indications are in the favor of marginal consolidation, followed by a sharp rebound. We, thus, suggest traders to accumulate in the given range.
Grasim has witnessed a breakout from a consolidation range of 575-645 levels, after spending nearly two months in this range. The move was accompanied by a noticeable rise in the volume, further adding to the confirmation. We strongly advise creating fresh longs in the mentioned zone.
We are seeing a mixed trend within the FMCG space and Hindustan Unilever
is currently witnessing consolidation while holding above the support zone of moving averages ribbon on the daily chart. The chart pattern and positioning on the indicators are pointing towards a fresh up move in the near future.
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