AnandRathi puts ‘Buy’ on Biocon

MUMBAI: Biocon has started to show strength on daily and weekly graphs, trading above all moving averages. The up move in the stock is supported by volumes indicating the undertone in the stock has turned bullish.

On the monthly chart, the scrip is showing signs of gaining further momentum. Its inclusion in the futures and options segment, effective September 6, will further add liquidity.

Based on the chart pattern developed to date, one may buy this scrip with a stop loss of Rs 439 and an upward target of around Rs 543, from a medium term (2-3 months) perspective.