February 29, 2016
Biocon (NSE Cash)
BUY
`454
` 470 - 467
` 500
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 12:30 IST)
Justification:
Since last few months, the stock is consolidating in a broad range of `395 - `545. In last few weeks, the prices
have corrected from the high of `545 and are currently consolidating near the weekly 89EMA support. The
consolidation in last few trading sessions has led to a possible formation of bullish ‘Head & shoulders’ pattern
on hourly charts. The ‘RSI Smoothed’ indicator has recently given a positive crossover from its oversold zone
and hence we are expecting a pullback up move in the stock in near term. Thus, we advise traders to buy
this stock from current level to a decline up to ` 467 for a target of ` 500 in coming 14 to 21 trading
sessions. The stop loss for this trade set up can be kept at ` 454.
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February 29, 2016
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Source: Angel research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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