Mohindar told CNBC-TV18, "Ranbaxy is trading in the level of Rs 410-415 probably from 2010 till date. Two year support zone remain at Rs 410, there is no taking away from the fact that as long as we are below this number things look very tough. Now at the same time on the downside Rs 350-360, that's a small pocket of support and over the last week we kind of bounced up somewhere close to that Rs 360-365 level. So it might just get sideways for a while but in essence the trend is down, I wouldn't like to rush in and buy. I like pharma from a long-term angle but one has to be selective amongst pharma. Cipla, Glenmark make better bets.
He further added, "Orchid Chemicals is having an interesting support at Rs 126. It is a level which might just work in as good long term support. So, at this point there is no question of going short in Orchid. Ranbaxy looks like a better short if that's what you are looking for. On the long side one could be a little aggressive, get in with a stop below Rs 126 on Orchid."
