 "Derivatives strategy for Biocon by Nandish Shah of HDFC Securities")
Buy BIOCON March 320 Call around Rs 8 (Close Rs 9.5)
TARGET 15 | STOP LOSS 65 | Lot Size 2300.
Rationale:
- Long build up is seen in the Biocon Futures’ on Thursday where we have seen rise in the Open Interest with price moving up by 3 per cent.
- Stock Price formed Multiple bottoms around 278 odd levels.
- Primary trend of the Stock is positive where stock is trading above its 20, 50 and 200 day SMA.
- Oscillators and Momentum Indicators like RSI and MACD showing strength in the stocks on the daily charts.
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