Top buzzing stock: Biocon Ltd

buzzing stock, biocon

by 5paisa Research Team Last Updated: 2022-04-21T13:12:33+05:30

The stock of BIOCON is quite bullish and has surged over 4% on Thursday.  

Biocon Limited is a biopharmaceutical company engaged in the research and development and manufacture of pharmaceuticals, medicinal chemicals and botanical products. With a market capitalization of Rs 40,100 crore, it is one of the strong growing midcap company in its sector. The stock is in focus to its bullish nature lately.  

On the technical chart, it has formed a strong bullish candle and has crossed above its 50-DMA, 100-DMA, and 200-DMA. Shares received strong buying interest at lower levels and gained over 5.50% since its intraday low. Moreover, since its recent swing low of Rs 333, the stock has gained over 10% in just two trading sessions accompanied by above-average volume. Adding further, it has crossed above its prior swing high of Rs 361.75, justifying its strong bullish price structure.  

Several technical indicators have also pointed towards bullishness. The 14-period daily RSI has seen a swift move above 60 and is placed in the bullish territory. The +DMI is crossed above the ADX is already above the -DMI, indicating a strong upmove in the stock. From the volume’s perspective too, the OBV indicates an improvement in the strength of the stock. Interestingly, the Elder Impulse system and KST maintains the buy signal.  

Considering its recent performance, we find that the stock is given flat returns on a YTD basis, but gained 11% in a month. Thus, the stock is picking up pace and is expected to trade higher in the short to medium term. Their pharma business is going strong and has good growth prospects. The stock has the potential to test the levels of Rs 380 and Rs 390 in times to come and presents a good opportunity for swing trade. Short term traders and positional traders can take note of this and can expect good gains from this stock shortly.  

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