The bio pharma company is on its way towards the 320 in a wave 3 structure according to the Elliot wave. That shall be a 35% jump from the CMP.
The biologics major had set out an impressive impulse wave from march 2023 - Sep. 2023 and rallied around 45% during this period.
Upon the completion of the wave 1 however the company slid down in wave 2 structure(Elliot wave zig zag in this case) and completed a crucial 61.8% retracement of the Wave 1 rise.
The stock is making a move right from this crucial 61.8% retracement support level.
The Wave 3 target is projected to be around 320 zone.
It is also important to note that Biocon posted a 168% year-on-year rise in its consolidated net profit for the September quarter to Rs 126 crore. Biocon's revenues grew by 50% to Rs 3,462.3 crore. The results were declared on Friday after the market hours and the stock gained a little over 3% on Muhurat Day trading(Sunday evening).
Note*- This chart is based on personal observations/opinions. Please do your own research/analysis before making any financial decisions.
The biologics major had set out an impressive impulse wave from march 2023 - Sep. 2023 and rallied around 45% during this period.
Upon the completion of the wave 1 however the company slid down in wave 2 structure(Elliot wave zig zag in this case) and completed a crucial 61.8% retracement of the Wave 1 rise.
The stock is making a move right from this crucial 61.8% retracement support level.
The Wave 3 target is projected to be around 320 zone.
It is also important to note that Biocon posted a 168% year-on-year rise in its consolidated net profit for the September quarter to Rs 126 crore. Biocon's revenues grew by 50% to Rs 3,462.3 crore. The results were declared on Friday after the market hours and the stock gained a little over 3% on Muhurat Day trading(Sunday evening).
Note*- This chart is based on personal observations/opinions. Please do your own research/analysis before making any financial decisions.
Comment:
SL trailed to 229