From 90 lows in 2009- Biocon has travelled into the nested wave structure (1)-(2)-1-2. Currently moving into 3rd of (3) wave. Minor wave-3 was done at 1020 highs in Oct2016- since then it had a severe fall to 804 lows which retraced 38.2% & the rise from 804 lows looks choppy & corrective. I shall be looking for 50% retracement of minor wave 2-3, which comes in the zone 720-725 as minor wave-2 retraced 38.2% at 431- so a deeper retracement could be expected in minor wave-4.
These are long term targets could take atleast 6-8 months to unfold.
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09:05 Hrs 6th Jan2017
Last Price@946
Moving above 950 & sustains then shall look for 957-960 prior swing high- shall book profits & wait outside to come back again later
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10:07 Hrs 6th Jan2016
Last Price@961
crosses the zone 957-960-- Hold guys -can push to 968-970's
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10:33 Hrs 6th Jan2016
Last Price@968
Awesome & How does it feel with the explosive move from 950 to 968- Take Rest & Enjoy Weekends.
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12:47 Hrs 6th Jan2017
Sorry for all typing mistakes in dates as I am still struggling to write 2017 -in above updates used "Jan2016" instead of "Jan2017"
Hitting the block hole 970- drops to 959 current rate- yes we booked exactly at 970- Awesome
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18:05 Hrs 8th Jan2016
Last Price@960
Short trading call in larger picture
Going above recent high@970- we can look for 5-8 points i.e. 975-978 Shall exit & wait at the sidelines.
Entered in a short trade at 1009 but updated that we should never miss such double tops as risk reward is amazing -with stops of 1-4 points above 1025
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08:52 Hrs 10th Jan2017
Last price@1013
If sustains above 1020-1025 then be careful do not sell else look to sell & going below 985-990- it will have some downside pressure.
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09:38 Hrs 10th Jan2016
Last Price@1009
Day's 1026 - has strong resistance going below 985-990 shall have more pressure -risk takers can sell in the zone 1020-1025 because if sustains then only it will move up else down.
Going below 985-990 -the pressure will be more visible.
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13:38 Hrs 10th Jan2017
Last price@997
If you want to hold you can but trail your stops above 1012-1013 or book profits at current zone 995-997 & wait next at sidelines for selling again below 989.
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07:10 Hrs 11th Jan 2017
Good Morning!
Last Price@997
Once the price goes below 989-990 -we will take sell with strict stops above 1014
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07:10 Hrs 11th Jan2017
Long term Traders who took risk bet 1020-1025 should continue
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11:54 Hrs 11th Jan2017
Last price@997
Key zone was 1012-1014
It went on high at 1007
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Sell Below 989-990
Some guys are risk takers then also you should take risk which you can digest something like this - selling close to 1012-1014 & if it falls below 989- it becomes awesome as more sellers join them. Now those risk takers should trial the stop to cost
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14:05 Hrs 19th Jan2017
Analysis done using spot/cash data
Last Price@995
There is price rejection happening in the zone 1010-1015- so once if you get a chance to sell in close by range of 1000-1010 keeping stops above 1012+ we shall look for the target 950-960 zone.
I have strong believe that this will shoot by 3% on CMP then it will fell down
Shiva Kumar
RakeshShah
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Sir..the market broke the Brexit/trump results low..but Biocon is firm and was 10% points above its recent lows. Also some dedicated buying is taking place every other day for quite a while ..which is sucking away the liquidity from the stock. The levels you are mentioning can certainly come if there is any adverse news w.r.t US FDA inspection.
WaveTalks
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@RakeshShah, Let us wait for sometime & shall keep a watch on Indices when they start doing something weird.