Wednesday, July 15, 2015



BIOCON is one stock we recommend continuously to buy and keep it as portfolio stock for longer run.  Earlier also we recommended it to buy in the levels of 400 - 420 levels. Stock took reversals from these levels only. Now stock has seen some momentum today. Stock is ready to give break out. Below weekly chart EW labels. A wave completed at 402 levels from the time correction started at 553.6 levels. Now B wave started from 402 levels. Corrective wave of A wave can retrace till 61.8% to 80% levels. For now it is in final move of B towards 495 - 523.5 levels.

If stock trades above 525 levels then it can retrace complete correction till previous high of 553 levels. So one can buy the stock at CMP with SL below today's low at 470 or 473 levels for targets of 495 - 523.5 levels.

No comments:

Post a Comment