Buy Biocon; target of Rs 276: IIFL

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Buy Biocon; target of Rs 276: IIFL

IIFL is bullish on Biocon and has recommended buy rating on the stock with a target of Rs 276 in its January 18, 2012 research report.

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IIFL is bullish on Biocon and has recommended buy rating on the stock with a target of Rs 276 in its January 18, 2012 research report.

"Biocon has retraced almost 62% of the recent upmove beginning from 240.5 which turns out to strong support zone. An appearance of big black candle on daily chart warrants for caution but a move past Rs262 would confirm major trend reversal. On intraday chart stock has been forming ending diagonal which a early signal that trend is about to change along with RSI entering into oversold terrain near 30 levels. We recommend buying Biocon above Rs 262 with stop loss of Rs 255 for target of Rs 276. (Duration 7 days)," says IIFL research report.

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