Derivatives strategy for Biocon by Nandish Shah of HDFC Securities

The long build-up is seen in the Biocon Futures' on Thursday where we have seen a rise in the Open Interest with price moving up by 3 per cent

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.