Sudarshan Sukhani of s2analytics.com is of the view that one can buy Biocon .
Sukhani told CNBC-TV18, "Biocon has a good chart. It has been in a trading range, fell from Rs 350 - all stocks did that but it has not rallied. That doesn't mean it is not ready for a rally. It was in a trading range. When there is a decline, that decline leads to a trading range. That range is usually accumulation. If you buy now, you can also get advantage of an eminent breakout and of course the final push on the upside. So at current level Biocon is a day trading buy. It is also a position trading buy."
He further added, " Alstom Projects did a lot of disappointment. It was suppose to be high flying stock and it did the exact opposite, turned 50%. But now there is some sense that it is bottoming out. In fact Biocon charts are far better in terms of that sense but then each chart is different. So if this stock is bottoming out, we have seen highs of Rs 750 in 2011. It is quite possible we will not visit but at least reach those levels nearby."
"For three days it has been rallying. On Friday it made a narrow range day. A narrow range day usually tells us that there is a significant breakout coming. So for the short term trader there is certainly a buying opportunity. Once it takes out Rs 400, positions should also built in it."
