The stock has corrected well from the its peak levels of 421 and, once again, has attained the base of the trend-line support near 368 levels. We anticipate a reversal and expect an upward move in the coming days. The RSI also has shown signs of bottoming out and reversing the trend to signal a buy. With the chart looking attractive, we suggest to buy and accumulate the stock for an upside target of 420-430, keeping the stop loss near 358 levels.
BUY BIOCON | CMP: Rs 395.70 | TARGET: Rs 440-450 | STOP LOSS: Rs 380
The stock has been in consolidation for quite some time, maintaining the support base of 380 levels. It has currently showed signs of improvement with a positive bullish candle pattern in the daily chart to anticipate further upward movement in the coming days. The RSI also has indicated a trend reversal to improve the bias and signal a buy. We suggest to buy and accumulate this stock for an upside target of 440-450, keeping the stop loss of 380 levels.
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Disclaimer: The author is a technical analyst with Prabhudas Lilladher. She may have positions in one or more stocks mentioned above. Views are personal.
 "The stock of Biocon has been in consolidation for quite some time, maintaining the support base of 380 levels")