Apr 12, 2013, 10.26 AM | Source: CNBC-TV18
Sudarshan Sukhani of s2analytics.com is of the view that one can buy Ranbaxy Laboratories.
Sudarshan Sukhani (more)
Technical Analyst, s2analytics.com | Capital Expertise: Equity - Technical
Sukhani told CNBC-TV18, " Ranbaxy Laboratories has a much better chart. It was a v-shaped, went into a hurdle, into a trading range and that trading range should be bought into. It is not making a larger basing pattern. So, unlike Maruti, which still has to make that pattern, but Ranbaxy is suggesting that a strong base is developing and it is on the verge of breaking out from that larger base. Therefore, it is a day trade for the day and it is a positional trade assuming things go wrong with other sectors, pharmaceutical should still continue to be cheerful. It is a nice buying opportunity."
At 09:52 hrs Ranbaxy Laboratories was quoting at Rs 451.45, up Rs 4.05, or 0.91 percent. It has touched an intraday high of Rs 453.70 and an intraday low of Rs 443.10.
Disclosure: Sudarshan Sukhani has no holdings in the stock discussed.