Weekly trading ideas by Religare Broking: Buy Grasim Industries, Biocon
Market News Buy Biocon Limited- Last Close: Rs 394.85- Initiation range: Rs 394-397- Target: Rs 425- Stop loss: Rs 380. The pharma index has been rallying for the last five months and Biocon is among the top performers.
After forming a new record high in July 2020, it has been seeing profit-taking. The stock has now reached closer to immediate support zone around 380 levels.
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Indications are in the favor of marginal consolidation, followed by a sharp rebound. We, thus, suggest traders to accumulate in the given range.
Buy Grasim Industries Limited- Last Close: Rs 667.10- Initiation range: Rs 660-665- Target: Rs 720- Stop loss: Rs 635. Grasim has witnessed a breakout from a consolidation range of 575-645 levels, after spending nearly two months in this range...Read more.
