Aditya Agarwala
On the daily chart, Biocon has broken out from a Triangle pattern indicating a resumption of the downtrend in the stock.
Further, the stock is trading below its major moving averages indicating weakening uptrend. A sustained trade below Rs 606 will drag it sharply lower. The stock may be sold in the range of Rs 610-607 for targets of Rs 580-570, keeping a stop loss above Rs 625.
The author is Technical Analyst at YES Securities (I) Ltd.
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