Buy Ranbaxy Laboratories on dips, says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "Ranbaxy Laboratories is a buy on dips or rather it is a falling knife trade. It did well yesterday. It was flat for the last two days but it was been falling much before that.”
He further added, “The chart suggests that the stock is deeply oversold. If not anything, will get a relief rally, if there is something more the positional traders will benefit. However, for today Ranbaxy easily see follow-through of yesterday’s gains. So, it makes sense to buy it and better if one get it little lower in the morning.”
The share touched its 52-week high Rs 578.30 and 52-week low Rs 406.00 on 04 September, 2012 and 20 March, 2012, respectively. Currently, it is trading 25.36% below its 52-week high and 6.32% above its 52-week low. Market capitalisation stands at Rs 18,259.09 crore.