Sell Biocon; target of Rs 327: IIFL

IIFL is bearish on Biocon and has recommended sell rating on the stock with a target of Rs 327 in its February 2, 2011 research report.

"Pattern of lower high and lower low is observed on the daily candlestick chart since first week of January 2011. The downtrend is likely to continue in the near term. The stock had been taking support at its 200-DMA since June 2010. However, on Tuesday, the stock closed below its 200-DMA. The daily RSI as well as the MACD continue to depict negative trend. In view of the above mentioned technical evidences, we recommend traders to sell Biocon February Futures below Rs 339 with stop loss of Rs 345 for a target of Rs 327,

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