Mehul Kothari expects a pullback rally in Biocon, Wipro; Here's why

According to the technical analyst from Anand Rathi, BPCL and Wipro can pullback to Rs 270 and Rs 430, respectively.

BUY

Biocon

Buy Above: Rs 253

Target: Rs 270

Stop Loss: Rs 245

The stock has been highly oversold in most of the time frames. At this juncture; it is hovering near a falling trend line support and we are witnessing a hammer kind of formation on the daily chart.

A move above high of the hammer might help the stock to recover a bit in the coming sessions.

Thus, we advise traders to go long in the stock above Rs 253 with a stop loss of Rs 245.

BUY

Wipro

Buy Above: Rs 400

Target: Rs 430

Stop Loss: Rs 385

At this point in time; the