Expect Biocon to touch Rs 520: Kunal Bothra

According to Kunal Bothra of LKP, Biocon may touch Rs 520.

Kunal Bothra of LKP told CNBC-TV18, " Biocon has been consoladiting in the last 7-8 trading sessions but today the breakout has happened. Atleast a fresh swing high has been made today, the volumes has been decent as compared to the last 4-5 days of consolidations. The fact that it has taken the support at the 13 DMA is good for a short term prespective and I think it augres well for the stock."

"The upper trend or the larger trend is bullish for Biocon. We believe that probably this consolidation peroid that it was facing for the last one to one and half weeks has some what got over and we believe that the stock may head towards new high, Rs 520 is what I am looking at with a stoploss of Rs 460," he said.

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