ai0219
Long

Biocon buy @610 with stop below 600 & target of 630-640

NSE:BIOCON   BIOCON
25 views
0
25 0
Biocon seems to be in a rangebound zone where the lower band of the range is near 605-610 and the upper band near 660-70 levels.
Being near the lower band of the range, in trendline support zone , biocon is good risk reward trade for bulls.
Buy Biocon between 605-612 with a stop below 599 on daily closing basis ... for target of 630-40-50.
Comment: Both today & yesterday biocon has closed above 599, thus keeping us active in the trade.
A close above 610 tomorrow would give the bulls a little upthrust & keep the trendline intact... breach of todays low would mean more downside before it can go up.
Safe traders can keep a stop of 599... others can book partial loss at 599 and hold other half with a stop of 589... (both these are price stops and not on closing basis)
Comment: Bulls have taken a beating at 625 levels... however the bears are not able to push the closing below 600. Till this bull-bear strangle continues... biocon might remain in 600-620 zone. A close above 625 and the bulls will regain control.
Till then keep holding with price stop of 589.
Safe traders can exit cost to cost or book thin profits near 615-20 levels... for safe traders stop is at 599.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out