BIOCON: Paralell Channel BOYesterday Nifty was almost flat, traded in tight range and closed at around 19570, down by almost 26 points. One sector in this market is still shining even after a good rally in the past and that is NSE:CNXPHARMA
NSE:BIOCON One of the contituent of Pharma index with market cap of INR 32794 Crore and it also holds the weightage of 2.36% in Pharma Index, rallied to INR 273.15 or 4.50% yesterday and given a parellel channel Breakout. As the Parma index is also trading near all time high, so i am expecting the bullishness to continue in the pharma sector.
Now, going ahead one can can create a bullish postion at cmp of 273.15 or below with stop loss of 272 on DCB for the tragets of 280/288.
Exit the position if the stop loss is triggered on DCB.
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