Buy Dr Reddys Labs around Rs 1900: Murlidharan

Manoj Murlidharan, IIFL advises to buy Dr Reddys Labs around Rs 1900 with a stop loss of Rs 1884.
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Apr 05, 2013, 06.30 PM | Source: CNBC-TV18

Buy Dr Reddys Labs around Rs 1900: Murlidharan

Manoj Murlidharan, IIFL advises to buy Dr Reddys Labs around Rs 1900 with a stop loss of Rs 1884.

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Buy Dr Reddys Labs around Rs 1900: Murlidharan

Manoj Murlidharan, IIFL advises to buy Dr Reddys Labs around Rs 1900 with a stop loss of Rs 1884.

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Manoj Murlidharan (more)

Head- Derivatives, Religare Securities | Capital Expertise: F&O

Manoj Murlidharan, IIFL advises to buy Dr Reddys Labs around Rs 1900 with a stop loss of Rs 1884.

Murlidharan told CNBC-TV18, “The important part in pharma is that every sector has a market-wide open interest percentage and based on that we see the money flowing in. Because we are positive on Nifty, we are expecting that autos and pharma would be the sector where we will see this fresh money or the surplus of money which comes in.”

He further added, “If you bifurcate in pharma, there is couple of stocks where we are seeing not only the cash based delivery accumulation which exceeds the five day delivery. That would be a Biocon for first, Aurobindo Pharma and Dr Reddy’s Laboratories. Dr Reddy’s Laboratories in last couple of days, good buying is happening. Obviously, the cash accumulation is more important because the volume weighted average price for this stock, this concept works a lot. So Rs 1,884 is the level where we are seeing the average pricing which has gone up. It is almost at Rs 1,920 odd. So I feel even if it’s a buy at this point of time, till the time it is above Rs 1,884, it becomes a buy because it has a potential to go all the way till Rs 1,960-1,962 - that is the trade where we will see some distribution through a derivative route. So, it’s a buy at this level. Even Rs 1,900 is a buy, Rs 1,884 should be the stop loss."

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Buy Dr Reddys Labs around Rs 1900: Murlidharan

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