Sudarshan Sukhani of s2analytics.com is of the view that one can sell Ranbaxy Laboratories.
Sukhani told CNBC-TV18, "Ranbaxy Laboratories has been falling relentlessly. At Rs 405 this stock has broken down from a strong support level and that is worrying because there is nothing to hold it now.”
He further added, “All kind of support levels have been broken and now it will stop wherever it wants. Because the breakdown occurred yesterday a strong momentum on the downside could be expected in the subsequent few days including today. So Ranbaxy is a sell and if it does not go up then it should be converted into a positional sell.”
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 28.42% below its 52-week high and 1.96% above its 52-week low. Market capitalisation stands at Rs 17,510.37 crore.
Disclosure: I have no holdings or interest in the stock discussed.