In the previous session, the market witnessed volatility throughout the day. The Nifty index opened on a positive note and made high near 17213. Later we have seen some sell off from higher levels. However, in the last trading hour, the Nifty index managed to recover from day lows and closed with a net gain of 183 points. The index formed a small Bullish candle on the chart. Traders should be focused on sector and stock specific approach for the next trading day.
Look at the below research report of Stocks to Buy for – Thursday, December 02, 2021’before the market opens.
On the daily chart, we can see that Biocon Stock prices have formed a ‘V- Bottom pattern’. In the previous session, stock retested the higher level and closed near the neckline of the pattern with a bullish candle. A pullback was seen in the stock after a V bottom formation. The best way to trade in this pattern is wait for the price to break the neckline of the pattern and then enter a position once price retests the neckline level again. The Relative Strength Index (RSI) on the daily chart is 59.73; which indicates bullishness.
In short, BIOCON has continued to trade in the positive zone. Now a move above 374 will confirm the uptrend and open up gates for higher levels towards 385/405. As far as we do not see any closing below 353 on the lower side.
Check More Analysis on BIOCON at: Biocon Ltd