STOCK TIPS 4 ALL - IIFL RECOMMENDS A BUY BIOCON @ TARGET OF RS.398

IIFL is bullish on Biocon and has recommended buy rating on the stock with a target of Rs 398 in its April 27, 2011 research report.

“Biocon had been consolidating in a range between the levels of Rs 360-378 for last two weeks. On Tuesday, in a weak market, the stock broke past the upper-end of the trading range. The stock is witnessing strong accumulation at current levels, which suggest that it may eventually result into an upward breakout. Furthermore, the stock had been consolidating above its 200-DMA for last two weeks. A break above Rs 340 could lead to a fresh directional move in the same direction. Keeping in mind the above-mentioned evidences, we recommend high risk traders to buy the stock above Rs 384 with stop loss of Rs 377 for target of Rs 398,” says IIFL research report. (source: moneycontrol.com)

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