Published on 11/08/2017 3:55:42 PM | Source: Choice India
Buy Biocon Ltd For Target Rs.360.00 - Choice India
* On a daily chart, after a steep correction, the stock has tested a support of 250 days exponential moving average which acted as a support and given a positive rally twice in the past.
* Moreover, the stock is forming a closing bar reversal pattern which is a bullish sign for an upside movement.
* On a weekly chart, the stock has tested a support of 50-week exponential moving average which caused for a bounce back move towards a northward direction in the past.
* A momentum indicator Stochastic is showing a positive crossover and just coming out from an oversold zone which points out for a positive breath in the stock.
* Based on above technical structure, we are expecting a good upside movement in the counter in few trading session
Buy Biocon Ltd @ 337-340 StopLoss 330 Target 360
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