MUMBAI: India Infoline has advised traders to buy Biocon for target of Rs 293.

“On the daily chart, Biocon attempted to break out from a three-week resistance zone. The stock was moving in a range of Rs 284-255. Yesterday, the stock crossed above the top of the above trading range. However, selling pressure brought the stock lower from the day’s high. We continue to remain bullish on the stock from technical perspective with cluster of moving averages providing a good support to the stock around Rs 270 levels. We expect the stock to stage a sharp rally in the near term. Traders can buy the stock in the range of Rs 269-276 with a strict stop loss of Rs 264 for a target of Rs 293,” the report said.