PICK OF THE WEEK: BIOCON (NSE)

20th January 2020

On a daily chart, the stock has been trading in a Higher Top Higher Bottom formation which is a continuation formation and indicates an upside movement in the counter.

Moreover, the stock has given a breakout of accumulation phase with above-average volume activity which suggests that the stock could accelerate its upward movement.

Furthermore, the stock has started to trade above its “Ichimoku Cloud” and as well trading above its conversion line and baseline which show a northward movement in the counter.

Apart from this, the stock has been trading with a positive crossover of 21*50 Daily Moving Averages which suggest a bull run in the counter.

A daily momentum indicator RSI reading is at 57.95 level with a positive crossover which points out for a positive breath in the stock.

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

Company Name

BIOCON

Our Recommentation is to

Buy, Add on Dips

Buy, Add on Dips

291.50

Targeted Price

330.00

Stop Loss

272.00

*Only for those online clients who are opening accounts without any referral code

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