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Sell Biocon November future; target Rs 313: IIFL
According to IIFL, traders can sell Biocon November future below Rs 325 with stop loss of Rs 331 for target of Rs 313, in its November 16, 2011 research report.
According to IIFL, traders can sell Biocon November future below Rs 325 with stop loss of Rs 331 for target of Rs 313, in its November 16, 2011 research report.
"The uptrend in Biocon was punctured after a formation of 'bearish harami candlestick' in last week of October 2011, suggesting that the previous uptrend has come to an end. Since then, the stock has broken below the support of its crucial moving averages (both 100-DMA and 200- DMA). Moreover, on Wednesday, the stock closed near day's low with higher than average volumes. The daily RSI too has reversed from short term overbought zone and has good cushion to decline, before entering into oversold terrain. We recommend going short on Biocon November Futures below Rs 325 with stop loss of Rs 331 for target of Rs 313," says IIFL research report.
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