Technical calls from HDFC Securities: Buy Biocon, CESC

International News

Nifty View
Nifty has taken support on its 100-DMA (day-moving average) and managed to close above 11,550. Any close below 11,500 would resume the downtrend which could push Nifty towards 200-DMA level of 11,110. However, trend would be considered bearish unless Nifty closes above 11,800.
BUY BIOCON
CMP: Rs 245
Target: Rs 260
Stop-loss: Rs 235
The stock has partially filled the gap which was formed in the range of 225-241 registered in Dec 2017. This gap could act as a bullish reversal point. Oscillators have been forming positive divergence on the daily charts, indicating stock is getting accumulated on the dips.
Considering the technical evidences discussed above, we recommend buying the stock at CMP (current market price), for the target of Rs 260, keeping a stop loss at Rs 235 on closing basis.
BUY CESC
CMP: Rs 786
Target: Rs 825
top-loss: Rs 760

 The stock has been forming higher tops and higher bottoms on the daily charts....Read More