Has been slipping since a level of 300 in May 2019.
The chart looks like consolidating in the past few sessions
Overall structure is still quite weak. It is way below its 200 dma
A short term rally can be expected abv 235 towards 250 and one can keep stops at 222
But positional traders can avoid it for medium term play till a more robust chart structure is evident.
The Fibonacci retracement (50% ) is at in and around 217.
The short term looks bearish. (1-3 months)
However from a long term perspective the share can be bought on every dips.(2+ years)
Biocon formed Rounding Top..
since this is weekly chart analysis the time duration for the target is 2 weeks to 4 Weeks.
Entry should be taken only if the breaks fib level of .618 level..
Note: There is chance for reverse @ .786 level. because the characteristic of Fibonacci is .786 level in day chart.. take this as first target.
Then final target is Fib...
it has gap between 221-245 which is going to fill and it is fundamentally weak due to news so sell on rise!
1) sell between 244-248 csl:258 Target: 238/230/224/218
2) if you are selling on CMP then your strict sl:248 and target remains same 230/224/218
Trade with strict sl as result on 25 july!!
Biocon Limited is a biopharmaceutical company. The Company focuses to reduce therapy costs of chronic diseases like autoimmune, diabetes, and cancer. Through its products and research services it is enabling access to affordable healthcare for patients, partners and healthcare systems across the globe. The Company has developed and taken a range of Novel Biologics, Biosimilars, differentiated Small Molecules and affordable Recombinant Human Insulin and Analogs from Lab to Market. The Company’s brands include INSUGEN (rh-insulin), BASALOG (Glargine), CANMAb (Trastuzumab), BIOMAb-EGFR (Nimotuzumab) and ALZUMAb (Itolizumab), an anti-CD6 monoclonal antibody. It has a pipeline of Biosimilars and Novel Biologics at various stages of development, including Insulin Tregopil, an oral insulin analog.
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BIOCON
