Sell Biocon; target Rs 315: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "I have a sell on Biocon. For a while the stock was holding on its own amidst the carnage in the broader markets but now the signs of distribution are seen in this counter. The stock has given a breakdown from a rising wedge pattern, so I believe that it is a good opportunity to create shorts for a target of Rs 315."

On September 10, 2013 Biocon closed at Rs 337.95, down Rs 7.20, or 2.09 percent. It has touched an intraday high of Rs 349.90 and an intraday low of Rs 331.10. The share touched its 52-week high Rs 359.90 and 52-week low Rs 275.85 on 30 August, 2013 and 04 March, 2013, respectively. Currently, it is trading 6.1 percent below its 52-week high and 22.51 percent above its 52-week low. Market capitalisation stands at Rs 6,759.00 crore.