After quite a few posts on LIC and other manipulations we come down to the more important things which is tracking technicals.
One of the recent picks we have been looking into is Biocon.
The stock saw a huge rally on good results with decent volumes and has broken out from a long cup and handle pattern which has target implication of 360-400 in medium term.
-> There have been 3-4 attempts at the 310-315 mark in last 1 year or more.
-> Every time the stock could not sustain and ended up at 270 which has been a strong support.
-> The handle size would give a target price of 360 ideally.
-> Good volumes indicate confirmation of breakout.
-> One can accumulate the stock keeping a stoploss at 300.
Disclosure: Recommended the stock at 315-317 levels to clients as a short term trade.
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