Book profits Ranbaxy Laboratories: Kulkarni

Kulkarni told CNBC-TV18, "In BHEL there is a probability of an upside. Stock may move to around Rs 285 to Rs 286. However, if you take a little longer term timeframe, on the weekly chart stock is unfortunately still in a strong lower-top, lower-bottom cycle. So from a trading perspective, for around 2-5 trading sessions, stock may turn positive. But overall the weekly chart structure does not give you too much of comfort that you should be going long aggressively in case of BHEL. So, I would wait in case of BHEL."

He further added, "In the last few trading sessions Ranbaxy has given you a very strong upmove, Rs 465 to Rs 470 was what we were expecting last week and that has already come. So, I think that it’s time to book profits in case of Ranbaxy; Rs 480 is a decent resistance level. Stock will consolidate in the range of around Rs 480 to Rs 455 that is what we are expecting. So, for the consolidation if you want to stay out of the stock, I think it’s time to book profits in case of Ranbaxy."

Disclosure: It is possible that we have positions in the above stocks and we have recommended that to our clients.