Wait for Biocon to fall before short selling it: Deepak Mohoni

Deepak Mohoni, Director, trendwatchindia.com in an interview with ET Now expalins why he has a sell call on Biocon.

You have a sell call on Biocon. What are the charts indicating for this stock?

It is mainly the price action. Biocon is up today. So, wait for it to start falling again before short selling it. This is really targeted for very short term traders and day traders. In the long run, all pharma stocks look good or most of them anyway. In the short run, pharmas are taking a breather. Maybe not as weak as cement, but the demand has dropped here.

Having been in the defensives for 2-3 months, people are now getting into more aggressive stocks and that has caused some bit of selling in pharma. So whenever the market falls intraday, you need some stocks to short sell and the pharmas, Biocon in particular, a little bit of a lack of momentum there which is the prime reason for it.