Avoid Biocon; buy Power Grid: Yogesh Mehta

Yogesh Mehta, Associate Vice President- PCG Advisory Equities at Motilal Oswal told CNBC-TV18, "On the technical setup, Biocon's pattern is such that there is no visibility of any further trend opportunity whether it will be continuing on upside or no. However, consolidation will be on between Rs 975-920 level and right now it is near to support level of Rs 928-930 levels. So, avoid those." "However, the slow and steady momentum is in Power Grid which is not so volatile like what other names we have seen right now. Currently, it has taken a good support at Rs 179-180 and it has hardly corrected by 7-8 percent from the all time highs. So, we are recommending a buy, Rs 182 is the current price keeping Rs 195 as a target and Rs 178 as a stop loss. That would be a good risk to reward opportunity of a trade," he said.