Biocon Limited (BIOCON) Stock - Complete Technical Analysis - Nov 29, 2024

Biocon Stock Analysis: Support, Resistance & Trends for NSE 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.

Biocons technical analysis reveals a bullish trend, supported by strong momentum indicators and favorable moving averages. The stock is well above its 200-day EMA, indicating long-term bullishness, and recent price action confirms consistent higher lows. The RSI, currently at 64, highlights positive buying interest, while the MACD confirms sustained bullish momentum. Meanwhile, the CCI is significantly above zero, suggesting a continuation of the uptrend.

However, traders should note the overbought signals from oscillators like Stochastic RSI, which could lead to minor corrections. Key support levels lie around 356 and 340, aligning with the Fibonacci pivot and EMA trends, while resistance near 372 and 395.8 could challenge further upward movement. If momentum sustains, a breakout above 372 could set the stage for a test of the 52-week high at 395. A breach below 340, however, might signal a trend reversal.

Given the volatility, as indicated by the ATR, swing traders should watch for price consolidation near support levels for re-entry, while positional traders might benefit from holding above the 365 mark to capitalize on potential breakouts.