Biocon stock broke out from a Symmetrical Triangle pattern last week on the monthly charts, which has opened room for it to head higher and hit fresh multi-year high. The stock remained range-bound in the last 3 months but witnessed a rebound after retesting its 200-Days EMA on the daily chart.
The mined metal production of Hindustan Zinc for the quarter ended March FY24 declined 1 per cent YoY to 299 kt, but the same increased 11 per cent on a sequential basis,
Jefferies has downgraded the pharma stock Biocon to underperform from hold . However, Jefferies has maintained its target price of ₹250 for the stock, implying an 11 percent downside from its current market price of ₹281.50.
Coming to the buildup of fresh short positions, When the stock prices move downward and open interest on the counter increases, it is taken as a sign of a short build-up. The signal is considered more reliable if the volume on the counter has also seen an increase as the stock price declines.
The year 2024, started with a correction in nifty, but one set of stocks which were able to outperform were pharma stocks. While it might appear to be a sudden up move, if one looks at what has happened in the pharma sector in the last eight years, there is a good chance that right from valuation readjustments to changing business model might play a role bringing the large pharma companies back into limelight. Infact some of these stocks have quietly inched upward in the last few months. It might be too early to call, but if a re-rating plays out in this space, it might surprise many in terms of price movement.