According to Abhijit Paul, Founder of Alphative Advisors LLP, one may book some profits in Ranbaxy Laboratories around Rs 415-420.
Abhijit Paul, Founder of Alphative Advisors LLP told CNBC-TV18, "Pharmaceutical sector has played quite a critical role for a couple of years now. Most of the names like Dr Reddys Laboratories, Sun Pharmaceutical Industries or Lupin have been in quite a strong uptrend for quite some time. The recent six weeks sell-off that we have seen in the market, it was a rare event that we have seen the healthcare names and the fast moving consumer goods (FMCG) ones come off quite sharply.”
“We have a decent bounce back in our hands now and keeping in mind that the underline long-term trends are fairly strong, there can be a short-term long bet in names like Dr Reddy's, Lupin as well but Ranbaxy Laboratories moved quite sharply and close to that Rs 415-420 range, it has some amount of serious supply. So if one has made use of this move in the stock, this is the kind of range where one should take some profit of the table.”