Technical Pick – Biocon
• Biocon Ltd is finding support at 350 and resistance above 380
•On Daily chart, Biocon Ltd is showing breakout point above 380 level.Break and sustain above 380 will see nonstop rally till 410++ in weeks to come.
•MACD too has given the positive crossover (Buy signal) which indicates that upper side seems certain in it.
•Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue till 410++ mark in coming weeks.
For positional trade, stop loss seeing below 350 on closing basis which in unlikely to breach in near terms.
Trading Recommendation(16th October 2017)
Buy Biocon above 380 and add more in panic around 370 for the initial upside target of 410++ mark with stop loss below 350 on closing basis.
More will update soon!!!
