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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

Nandish Shah  |  Mumbai 

Stock Price formed Multiple bottoms around 278 odd levels
Stock Price formed Multiple bottoms around 278 odd levels

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.

First Published: Fri, March 06 2020. 07:54 IST
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