In the Weekly and Monthly time frame, BIOCON is adhering to a pattern as shown in chart. TAKING SUPPORT AT THE TENDLINE... We can enter the trade now( for risk takers)... if it doesn't move as per plan, we can exit with small loss. For low risk ones - Lets wait for a Bullish weekly candle and enter 25% (since its just one of the ways it can move, we can"t predict/ time the market). After forming HIGHER LOW , positions can be added by another 25% After breakout, balance 50% can be added.
Strict STOPLOSS must be WEEKLY CANDLE CLOSING BELOW 284.
THIS SCRIPT IS LOOKING DAMN GOOD FOR SWING,INVESTMENT AND DAY TRADING( in the coming days) PURPOSES TOO.
Note- Just Sharing my view....not a tip nor advice.
@StockWhizzer, may or may not....that only Market can tell us... We can only analyse and have our Target and SACRED STOP LOSS levels... We shouldnot PREDICT. ALL THE BEST :-)
StockWhizzer
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whats support now?
mmjimm
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There is major trendline (at 280 range)support.... it's been taking from that support trendline from 2017... Weekly close below that trendline will Chuck us out of this view. Hope I have answered your question. Thank you.
StockWhizzer
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Whats the reason this is battered so much, corp governance?
mmjimm
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@StockWhizzer, Maybe the probable reason...( They were targeting 1billion in revenue for Biologics business by FY22,but they couldn't achieve. It was only half of it they achieved.) When compared to their counterparts, they seems lagging behind...