Mehul Kothari recommends Biocon, Aurobindo Pharma for trading gains

According to the technical analyst from Anand Rathi, Aurobindo Pharma can rally to Rs 490; while Biocon can jump to Rs 295.

BUY

Aurobindo Pharma

Buy Near: Rs 445

Target: Rs 490

Stop Loss: Rs 430

Aurobindo Pharma has found support at the placement of 200 bars moving average and that too on a monthly scale. This means 200 months average and that can be a huge support. Thus, we advise traders to buy the stock on dips near Rs 445 with a strict stop of Rs 430.

BUY

Biocon

Buy Near: Rs 270

Target: Rs 295

Stop Loss: Rs 257

We are witnessing a double bottom formation near Rs 257. In addition there is a bullish hammer kind of formation on the daily scale. Thus, we advise traders to buy the stock on dips near Rs 270 with a strict stop of Rs 257.

(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).