Cipla can touch Rs 350: Sudarshan Sukhani

Sukhani told CNBC-TV18, "Reliance on Friday made new lows for this decline since the February 2007 or 2010 decline started. Nifty hasn’t done that fortunately. This is not good news. Reliance Capital in any case what we saw earlier was a bear market rally. These rallies come which is what happened with Reliance. The primary trend in Reliance is down. It’s in a bear market still. So I am assuming that it will eventually reach Rs 300, maybe even crack that on the downside."

He further added, "Cipla seems to have gone through a deep correction, which has come to an end. What’s happening really is that because of these narrow range days there are very little trading opportunities coming out. The opportunities that are coming are primarily on the downside which means on the sell side. I don’t know if that means anything, but Cipla is one of the few stocks that seemed appropriate for a long position and pharma sometimes does the exact opposite of what the market does."

"I think there is more upside in Cipla. It’s done a V-shape reversal from Rs 280-285 support level. The chances are that it can go and test its Rs 350 level again. So that gives us very decent percentage point gain here."