Biocon Limited (BIOCON) Stock - Complete Technical Analysis - Oct 16, 2024

Biocon Limited Technical Analysis: Key Support & Resistance Levels for Traders

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Biocon Limited (BIOCON) is currently trading at 347, reflecting a 12.42% drop from its recent 52-week high of 395.8, achieved on September 17, 2024, while showing a significant increase of 59.38% from its 52-week low of 217.5 recorded on October 31, 2023. Over the past week, the stock has displayed some volatility, opening at 351.85 today with a low of 343.15 and a high of 353.40. This indicates a narrow trading range and highlights potential resistance around 353, as it struggled to break through this level recently.

From a technical perspective, key indicators suggest a bearish momentum. The MACD is negative, indicating a lack of bullish momentum, while the RSI, currently at 42.36, shows that the stock is nearing oversold territory. Additionally, the ADX is low at 13.56, suggesting weak trend strength. The Stochastic %K is also in the lower range at 29.93, pointing to potential bullish reversal signals if it crosses above 20.

Support levels are established at around 344.13 and 340, as the stock has tested these levels recently. If selling pressure persists, we might see further tests of lower support around 325. On the upside, resistance at 353 is evident, and a break above this level could lead to further upward movement towards 365.

Analyzing price trends, the last five days show a general pattern of lower highs and lows, indicating a bearish trend in the short term. However, the recent low of 343.15 could serve as a critical pivot point for a possible reversal. The stock's volatility is reflected in its ATR, which shows fluctuations that traders should monitor for potential breakout opportunities.

In summary, traders should watch for a breakout above the 353 resistance or a dip below 344 to gauge the next moves for Biocon. These levels will be crucial in determining the short-term price action for the stock.