IIFL is bullish on Biocon and has recommended to buy the stock above Rs 272 with a stop loss of Rs 264 for the target price of Rs 288, in its March 06, 2013 research report.
On the daily chart, the stock formed a Piercing Line pattern, which is considered a bullish candlestick reversal pattern. This formation appears during a downtrend. On Monday, the first candle on Monday was long bodied and bearish. While on Tuesday, the stock opened at a new low, but managed to trade higher and closed at a level above the midpoint of the prior day's body. This suggests that a bottom could be forming. Moreover, yesterday’s low coincides with its 200-DMA, suggesting strength in the counter. (Duration 7 days)," says IIFL research report.
Non-Institutions holding more than 90% in Indian cos
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