Manoj Murlidharan Vayalar of IIFL recommends selling Sun Pharmaceutical Industries with a target of Rs 520 and a stoploss at Rs 555.
Manoj Murlidharan Vayalar of IIFL told CNBC-TV18, "We are negative on pharmaceutical stocks and we feel Sun Pharmaceutical Industries is showing good distribution in the last three-four sessions on the cash market. So it is a sell from our side with a stoploss of Rs 555. We are expecting a good move on the downside somewhere close to Rs 520."
At 14:12 hrs Sun Pharmaceutical Industries was quoting at Rs 544.55, up Rs 0.20, or 0.04 percent. It has touched an intraday high of Rs 550 and an intraday low of Rs 535.55.
The share touched its 52-week high Rs 583 and 52-week low Rs 344.73 on 16 September, 2013 and 15 November, 2012, respectively. Currently, it is trading 6.6 percent below its 52-week high and 57.96 percent above its 52-week low. Market capitalisation stands at Rs 112,785.23 crore.
Disclosure: We have discussed this with our clients but no personal holdings.