Buy Biocon, advises Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "We have seen a market in which banks and IT have rallied the market higher. Now I think it is time of the other sectors like pharma to participate. From the pharma space we like Biocon because the stock has been a relative underperformer but we believe that the corrective phase in this counter is over."

"Biocon is resuming its previous uptrend. We can also see a breakout from a triangle pattern taking place. In fact on the short term charts the stock has already given a breakout from the falling wedge pattern. So, buy Biocon for a target of Rs 510," he added.

Disclosure: We might have recommended these trading ideas to our clients but have no personal holdings.