See more upside in Biocon, says Sukhani

Sukhani told CNBC-TV18, " Hindalco has reached the resistance level of Rs 125-130. It was never a bullish chart, it was a relief rally. My sense is that the relief rally is over, it's going to resume its downtrend and if that is so then one is selling almost at the top. Today assuming that the markets are likely to remain weak Hindalco is probably an appropriate candidate for a day trader and for somebody who wants to build positions, begin now."

He further added, "Biocon has rallied from Rs 200 to Rs 240 and that's 20%. It probably has completed its downtrend, a bear market or whatever. Now this rally is likely to continue, for the last 4-5 days we saw Biocon in a trading range. This is a stock that does not need a context in the sense even if the Nifty were to chop around or come down, Biocon could surprise on the upside. One should be buying Biocon with the slightest sign of market stabilizing. The stock is now getting ready for big moves on the upside."

Disclosure: I have no holdings in the above stocks.