Sell Biocon on rally, advises Amit Harchekar

Amit Harchekar of A Plus Analytics told CNBC-TV18, "Biocon has been forming a running triangle and since this running triangle has appeared during a downtrend we expect this triangle to be a breakdown rather than a breakout. So unless we do not have a sustained closing above Rs 447 on at least two trading sessions, there is high likelihood that the stock would be moving lower and testing levels of Rs 405-406."

"I would say that Rs 447 turns out to be a make or break level unless that is taken out, it is a sell on rally," he said.

At 15:07 hrs Biocon was quoting at Rs 436.30, up Rs 9.80, or 2.30 percent. It has touched an intraday high of Rs 440.50 and an intraday low of Rs 429.70.