IIFL is bullish on Biocon and has recommended buy rating on the stock with a target of Rs 390 in its April 8, 2011 research report.
“Biocon (On the daily chart ) has formed a rounding bottom pattern. After a three month consolidation period the stock has now turned bullish. A move above 100-DMA and 200-DMA in yesterday’s session accompanied by higher-than-average volumes suggests an uptrend. Since rounded bottom formation occurs at the end of downtrend, this suggests the stock is ready for an upmove. The daily momentum indicators suggest a positive divergence. We expect the stock to touch Rs 390 in the near term. Traders are advised to buy the stock above Rs 377 with stop loss of Rs 372 for target of Rs 390,” says IIFL research report.
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