 "technicals")
BUY
Biocon
Buy Above: Rs 253
Target: Rs 270
Stop Loss: Rs 245
The stock has been highly oversold in most of the time frames. At this juncture; it is hovering near a falling trend line support and we are witnessing a hammer kind of formation on the daily chart.
A move above high of the hammer might help the stock to recover a bit in the coming sessions.
Thus, we advise traders to go long in the stock above Rs 253 with a stop loss of Rs 245.
BUY
Wipro
Buy Above: Rs 400
Target: Rs 430
Stop Loss: Rs 385
At this point in time; the stock is in consolidation phase. It is oscillating within the range of Rs 380 – Rs 400 and only a breakout or a breakdown from this range might dictate further direction for Wipro.
However, looking at the price action, we are of the opinion that there is a possibility of a bullish breakout above Rs 400 in the coming sessions.
In such scenario; it might retest Rs 430 level which is the placement of its 200-day moving average.
Thus, we advise traders to go long in the stock above Rs 400 with a stop loss of Rs 385.
(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
