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<p>The negative reaction to the quarterly results pushed Biocon back into the wave IV consolidation. Thus, wave V never started but is due to do so now after a 50% retracement of wave III has taken place. Wave V should again attempt to go back to the top end of the channel in wave 5 near 700.</p>
<p><img src="https://api-media.indiacharts.com/public/images/article-images/biocon88062.png" alt="The negative reaction to the quarterly results pushed Biocon back into the wave IV consolidation" /></p>