Intraday Stock Tips for 13th January, 2012: SELL BIOCON
Intraday Share Market Tips for 13th January, 2012: SELL BIOCON
On Daily Charts, BIOCON has made a Long Black Candlestick Pattern, with a considerable good spurt in Volume. Stock is trading much below its 200-Days SMA (Simple Moving Average) and 50-Days SMA of 338.15 and 299.41, respectively.
It moved below its 20-Days EMA (Exponential Moving Average) of 276.65 on the closing basis. It made a low of 262.60 for the day and closed at 264.25. A good downside movement in the stock can be witnessed above the levels of 361.00. The 14-Days RSI (Relative Strength Index) is quoting at 37.65 on the Charts (RSI below 50 indicates weakness or confirms the Selling signal).
The Negative Directional Index (29.44) is trading above the Positive Directional Index (17.20). ADX (Average Directional Index) is quoting at 30.25 on the Daily Charts. ADX’s value above 20 indicates that the trend of the stock is strengthening.
Hence, it is recommended to sell BIOCON only if it trades below 261 for the Targets of 255 & 250, with the strict Stop Loss of 264.20.
Contributed By: Sonal Natani MS(Finance), ICFAI, Hyderabad.
Equity Research Analyst, Indore