Lupin can test Rs 1000: S Pandey

Excerpts from Markets Midday on CNBC-TV18 Watch the full show » RELATED NEWS Lupin hits 52-week high Lupin likely to aquire another company Lupin to hold R&D cost over next few qtrs Lupin Q1 cons net profit at Rs 112 cr Buy Lupin, target of Rs 954: Prabhudas Lilladher ALSO READ See previous views by Sudhanshu Pandey See what other Experts & Brokerages are saying about Lupin See messages about Lupin Lupin BSE | NSE 13/02/12 Are Mutual Funds betting on Lupin?

Sudhanshu Pandey of LKP Shares is of the view that Lupin can test Rs 1000 within 3-6 months period.

Pandey told CNBC-TV18, "Lupin is trading around Rs 740-750 levels and it has been trading in a sideways range and this week it's breaking out of that range. Technically, it is bullish indication. The high for the year for this stock was Rs 800. Hopefully, it will be able to move towards Rs 1,000 within 3-6 months period. It is one of the few stocks in the market today, which is bullish not only from the short-term but also from a medium and long-term perspective. Most of the stocks are not in the same sort of a technical trend and therefore we are very bullish on this. Our recommendation is to buy at current level and use any dips to add more. The recommended stoploss for the stock is Rs 650 on a daily closing basis. So unless it closes below Rs 650, the call stands. One needs to hold on and look for profit booking near the Rs 1,000 mark."  

Disclosure: Analyst doesn't hold the above stock but have recommended to the clients.