Biocon may test Rs 480, says Chandan Taparia

Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "We are positive on Biocon and negative on the Exide Industries. Biocon was not performing in last couple of weeks but recently it has negated the negative trend. It is moving from last three trading sessions and has taken multiple supports near to Rs 440-444 zone. The stock has added open interest by more than 10 percent in last four trading sessions and that database is indicating that the stock is all set to move higher after making the base formation. That is the reason we are expecting a bounce back in the Biocon. Keep a stoploss of Rs 444 and play for the upside target of Rs 480."

"We are continuously negative on Exide Industries. It is adding fresh short build up in last three series and shorts are coming from the rollover activities from series to series and that is why we are negative on this stock. It has immediate hurdle near to Rs 165-167. Recently it has bounced back but couldn’t cross that level. So on immediate basis we are looking at Rs 163 as a stoploss and expecting this stock to test the recent low of Rs 150 on the downside," he said.