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Published on 12/07/2019 5:01:31 PM | Source: Choice Broking Pvt Ltd

Buy Biocon Ltd For The Target Rs.277.50 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Biocon Ltd #Pharma Sector #Trading Report #Choice Broking

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* On a daily chart, the stock has given a breakout of its Upper Band of Falling Wedge formation which is a Bullish Reversal indication and indicates an upside movement in the counter.

* Moreover, the stock has been trading above its 21 Days Moving Average which is placed at 248.55 level which shows a positive rhythm in the counter for the time being.

* After a healthy correction, the stock has formed an Opening Marubozu candlestick which is a Bullish Reversal candlestick and suggests a northward movement in the counter.

* A daily momentum indicator RSI reading is at 49.75 level with a positive crossover, apart from this, the stock has formed a positive divergence which points out for a positive breath in the counter.

* Based on the above technical structure, we are expecting a good upside movement in the counter in few trading sessions.

Recommendation

Buy Biocon Limited @253.85-255.10 Stoploss 244 Target 277.50

 

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