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.
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!!
THE SHARE PRICE HAS COME OUT OF THE CHANNEL AND IS STEADILY MANAGING THE PRICE INCREASE.
MY UNDERSTANDING SAYS THAT THERE WILL BE A RESISTANCE AT 268-272, AND THE PRICE THE MAY COME TO 254. THE REASON BEING, AS THE BUY CONFIRMATION IS NOT RECEIVED YET ON THE CHARTS.
THE PULL BACK MAY HAPPEN IN 1-2 DAYS.
BETTER TO WAIT FOR LOWER PRICE FOR ENTRY AND CONFIRMED BUY.