BIO­CON

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I am hold­ing Bio­con bought at Rs 625. Should I keep hold­ing the same?

- Ashish Gokhale

HOLD BIO­CON WITH A STOP LOSS OF RS 593

Bio­con is cur­rently trad­ing at Rs 606.90. Its 52-week high/low stand at Rs 695/Rs 320 made on June 5, 2018 and Oc­to­ber 3, 2017, re­spec­tively. Con­sid­er­ing the monthly time frame, the stock cor­rected af­ter hit­ting 52-week or all-time high lev­els in June and July and bounced back in Au­gust from 38.2% re­trace­ment of the up­ward rally from 52-week low to the peak. Con­sid­er­ing the daily time frame, the stock has formed a round­ing bot­tom tak­ing sup­port at the 200-day EMA level. The stock attempted a break­out at Rs 625 on Au­gust 28, but it could not sus­tain on a clos­ing ba­sis. How­ever, the resur­gence in vol­umes and the 14-pe­riod RSI at 60 sug­gests mo­men­tum. We sug­gest you to hold for now.

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