Biocon Limited Stock Forecast
Biocon Limited stock price ended at ₹305.85 on Friday, after losing 0.0163%.
(Updated on May 17, 2024)
The Biocon Limited stock price fell by -0.0163% on the last day (Friday, 17th May 2024) from ₹305.90 to ₹305.85. During the last trading day the stock fluctuated 2.55% from a day low at ₹303.60 to a day high of ₹311.35. The price has fallen in 6 of the last 10 days but is still up by 0.21% over the past 2 weeks. Volume has increased on the last day by 485 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 814 thousand shares were bought and sold for approximately ₹249.04 million.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ₹312.88 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 13.82% during the next 3 months and, with a 90% probability hold a price between ₹307.57 and ₹356.13 at the end of this 3-month period.
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BIOCON.BO Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -1.83%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The Biocon Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹305.51 and ₹284.68. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Biocon Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹289.55 and ₹276.50. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Biocon Limited finds support just below today's level at ₹289.55. If this is broken, then the next support from accumulated volume will be at ₹276.50 and ₹264.10.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹7.75 between high and low, or 2.55%. For the last week, the stock has had daily average volatility of 3.74%.
Our recommended stop-loss: ₹294.60 (-3.68%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (BIOCON.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Biocon Limited to open at ₹306.93, and during the day (based on 14 day Average True Range), to move between ₹294.38 and ₹317.32, which gives a possible trading interval of +/-₹11.47 (+/-3.75%) up or down from last closing price. If Biocon Limited takes out the full calculated possible swing range there will be an estimated 7.50% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹306.00 (0.05%) than the support at ₹289.55 (5.33%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Biocon Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Biocon Limited stock to perform well in the short-term.
Current score: 1.580 Buy Candidate Unchanged
Predicted Opening Price for Biocon Limited of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹306.93 ( 0.354%) | ₹305.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BIOCON.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 314.68 | 2.89 % | |
| R2 | 311.72 | 1.92 % | ||
| R1 | 309.89 | 1.32 % | ||
| Current price: | 305.85 | |||
| Support | S1 | 303.97 | -0.614 % | |
| S2 | 302.14 | -1.21 % | ||
| S3 | 299.18 | -2.18 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 311.05 | 1.70 % | |
| R2 | 307.00 | 0.376 % | ||
| R1 | 306.00 | 0.0490 % | ||
| Current price | 305.85 | |||
| Support | S1 | 289.55 | -5.33% | |
| S2 | 276.50 | -9.60% | ||
| S3 | 264.10 | -13.65% |
BIOCON Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 07, 2023 | Jul 07, 2023 | Sep 08, 2023 | ₹1.50 | 0.563% |
| 2 | Jun 30, 2022 | Jun 30, 2022 | Aug 28, 2022 | ₹0.500 | 0.163% |
| 3 | Jul 20, 2017 | Jul 20, 2017 | Aug 04, 2017 | ₹0.500 | 0.280% |
| 4 | Mar 17, 2016 | Mar 17, 2016 | Mar 17, 2016 | ₹5.00 | 6.47% |
| 5 | Apr 09, 2015 | Apr 09, 2015 | Apr 09, 2015 | ₹5.00 | 6.40% |
FAQ
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