#23 Stock Update: Accumulate Biocon Pharma for Long term

Biocon Pharma weekly chart has been showing some support at 225 odd levels since 5 weeks. Weekly chart shows that last rally had start from Rs.90 to Rs.450 odd levels. Calculating the 61.8% retrenchment of the last rally we get 228 which has been the supporting level for the stock since last 1 month. Studying the indicators it has been observed that a buy signal has already been triggered. We could even since the bullish engulfing pattern on the weekly chart which occurred last friday. We could even notice that stock has been moving in the downward channel and after taking support of downline its time for upward line so its a buy too. Strategy: Buy/Accumulate Biocon with tgts of 280/300 and long term tgt 450. Stopl loss: 215

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