Biocon - End of countertrend ?

Biocon NSE:BIOCON has been relatively unaffected by the current mayhem going on in the Pharma sector.

However, after a few days of upmove, looks to me that Bears are tightening their grip on this stock as hammering of Pharma sector continues.

I can see that the stock retraced around 61.8% of its fall from April 30 to May 7, and now it has resumed its downward journey.

Took short positions today with stop loss around 660 levels for a target near 570 levels.

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