Go long in Biocon: Ashish Chaturmohta

Jan 14, 2014, 02.24 PM IST

Ashish Chaturmohta of Fortune Equity Broker is of the view that one may go long in Biocon at the current levels as the stock may go above Rs 500.

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Ashish Chaturmohta of Fortune Equity Broker is of the view that one may go long in Biocon at the current levels as the stock may go above Rs 500.

Like this story, share it with millions of investors on M3

Go long in Biocon: Ashish Chaturmohta

Ashish Chaturmohta of Fortune Equity Broker is of the view that one may go long in Biocon at the current levels as the stock may go above Rs 500.

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Ashish Chaturmohta of Fortune Equity Broker told CNBC-TV18, "In terms of rollovers Biocon has seen very strong rollovers in comparison to last three months. We have seen addition of almost 30 percent since the start of the series which indicates that the stock is being held by very strong hands. It is continuously consolidating near its all time high."

"There is a very strong possibility that we may see a cross over above Rs 500 in the stock. We are recommending a long position with a very small stoploss of Rs 463 which is almost Rs 7-8 from current levels. We think that almost Rs 30-35 upside is possible from current levels," he said.

Disclosure: He does not have any personal holding in the stock.

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