Published on 11/08/2017 3:55:42 PM | Source: Choice India

Buy Biocon Ltd For Target Rs.360.00 - Choice India

Posted in | #Biocon Ltd #Pharma Sector #Trading Report


* 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

 

Recommendation

Buy Biocon Ltd @ 337-340 StopLoss 330 Target 360

 

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