Weekly trading ideas by Religare Broking: Buy Grasim Industries, Biocon

Grasim is witnessing a breakout from the range where it has spent the last two months

Buy Biocon Limited

Last Close: Rs 394.85

Initiation range: Rs 394-397

Target: Rs 425

Stop loss: Rs 380

The pharma index has been rallying for the last five months and Biocon is among the top performers. After forming a new record high in July 2020, it has been seeing profit-taking. The stock has now reached closer to immediate support zone around 380 levels. Indications are in the favor of marginal consolidation, followed by a sharp rebound. We, thus, suggest traders to accumulate in the given range.

Buy Grasim Industries Limited

Last Close: Rs 667.10

Initiation range: Rs 660-665

Target: Rs 720