Biocon Shares: Technical Analysis Update on September 17, 2020
Dear Nagaraj,
Let's explore the current technical charts and analyze the potential resistance levels for Biocon shares as of September 17, 2020. This detailed analysis will provide you with insights into the future price movements and trading opportunities.
Current Resistance Levels
As of September 17, 2020, the major resistance level for Biocon shares is at 453.90. This price level represents a significant hurdle and currently acts as a 52-week high. If the stock manages to break above this resistance level, the next major resistance level would be at 519.65. Breaking this level could signal a significant upward trend, potentially opening up new investment opportunities.
Support Levels
On the downside, Biocon shares have identified two key support levels. The first major support level is at 396.85, which could act as a strong base if the share price falls below the primary resistance levels. The second support level is at 372.25, providing a secondary safety net for investors.
Technical Analysis Overview
From a technical perspective, the current market conditions for Biocon shares indicate a bullish bias, given the resistance levels and support zones. However, it's important to note that while technical analysis can provide valuable insights, it is not a guarantee of future price movements.
Disclaimer: Risks and Caution
It is crucial to understand that trading or investing in financial markets involves significant risks and costs. The financial markets can be highly unpredictable, and the information provided here is intended solely for educational purposes and should not be construed as formal investment advice.
Any investments should be made based on your own independent research and analysis, considering your personal financial circumstances, risk tolerance, and investment goals. The author, Sunil Sethi, does not take any responsibility for any losses incurred or financial advice given. Please ensure you are fully informed regarding the risks and costs associated with trading or investing in the financial markets.
Should you have any direct questions or need further clarification, you can reach out to the author on their Quora space, ‘Sunil Sethi’.
Stay informed, stay cautious, and happy trading!
Yours,
Sunil Sethi