Biocon may test Rs 490, says Gaurav Bissa

Gaurav Bissa, Derivatives Analyst at LKP Securities told CNBC-TV18, "Biocon has been witnessing a smart move. It has now closed above the 200 day moving average (DMA) which is around Rs 465. It has been building up long positions; it is properly placed.”

“If you look at the comparisons with other peers they have moved up. This is one stock which has been struggling to hold Rs 465-470 levels. So, if these levels are held I suppose a target price of Rs 490 cannot be ruled out in the stock. One can keep a stoploss at Rs 460,” he added.