Tech Stars : Biocon Ltd and Samvarshana Motherson International Ltd By Religare Broking
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Biocon Ltd.
Buy Biocon Ltd. CMP:253.20, Initiation Range252-254, Stop Loss 242, Target 279
TECHNICAL RATIONALE – We are seeing noticeable traction across the pharma pack, after the breakout in the pharma index. Biocon has also resumed the trend post breakout from a reversal pattern with noticeable surge in the volumes. It has also reclaimed the long term moving average i.e. 200 EMA and forming a fresh buying pivot now. Traders should use this phase to create fresh longs.
Samvarshana Motherson International Ltd
Buy Samvarshana Motherson International Ltd CMP:90.80, Initiation Range 90.50-91.50, Stop Loss 307, Target 103
TECHNICAL RATIONALE – Motherson has finally ended 2-year long corrective phase, with a breakout from consolidation range of 62-88 levels. The prevailing buoyancy in the auto and related pack is further adding to the positivity. We expect the up move to continue so accumulate in the mentioned range.
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