Hold on Biocon for a target of around 485 to 500: Sameer Shetye

Sameer Shetye, Derivatives & Technical Analyst, AK Stockmart, in a chat with ET Now speaks about Biocon.

What is your view on Biocon after the rise that we have seen?

Biocon has seen close to 19% open interest increase in yesterday’s trading session. So there were cues in the F&O market already. Today’s session we were expecting some positive moves but then the stock gaped up and it is already up 14%.

So my take on this is that traders who have already taken positions at around about 400 levels, should book partial profits at these levels, very decent profit.

Long term, investors who are there in the stock can hold on the stock for a target of around about 485 initially and then 500 levels where they may then trail the stop close to 430 levels. So traders can book their profits, investors stay put.