The upmove in this stock has gained momentum. The stock had surged about 5 per cent on Wednesday and has closed on a strong note. This rise has taken the share price well above the key intermediate resistance level of ₹371. The region between ₹373 and ₹371 will now act as a good support and limit the downside. Any intermediate dips from here are likely to get fresh buyers at lower levels.
Biocon share price can rise to ₹400 in the next few weeks. Traders can go long now at ₹379. Accumulate on dips at ₹374. Keep the stop-loss at ₹364 initially. Trail the stop-loss up to ₹384 as soon as the stock moves up to ₹389. Move the stop-loss up to ₹391 when the share price touches ₹396. Exit the long positions at ₹400.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)