Anil Manghnani of Modern Shares and Stock Broker is of the view that Ranbaxy has short term target of Rs 444.
Manghnani told CNBC-TV18, "For a long time I am very bullish on Ranbaxy Laboratories , compared it to Dr Reddys Laboratories if I have to do that on a technical basis, not sure whether it will do the same move in terms of doubling, in the last two years is what Dr Reddy did. But it has similar chart patterns. It has a very attractive price, very close to the recent bottom. So, that in a way is very good. In the short term atleast Rs 444 is the immediate target, even though I have much higher longer term targets, the visibility that I have today is around Rs 522 in the long run."
He further added, "So, I still put a hold on that and I probably defer in that one should not accumulate, any fall would be a fantastic buy and accumulation for Ranbaxy, and I am very positive on the stock going forward. IThe worst is over, probably here a terminal bottom at Rs 317 odd and now it's a nice upmove and finally it is participating with the market. The market has bounced about 30% from the lows, similar Ranbaxy has done the same. So, atleast market performer too, out-performer could be in expectation with Ranbaxy."
