Ranbaxy Labs may slip to Rs 389- 388, says Sudarshan Sukhani, s2analytics.com.
Sukhani told CNBC-TV18, "Ranbaxy Labs weakness is persistent, it had a one day rally and that rally fizzled out yesterday especially when the broad market was going up so this is in a sustained downtrend. I think my targets are Rs 389-388 for the current move that is today or tomorrow but that's not the end of the down move, Ranbaxy is in a big bear market of its own and its adding strength to that bear market, its not something you want to buy, you want to short sell it, its probably one of the safer sells."
He further added, " McLeod Russel did not participate in this three-four day rally, its not only that first it fell on the back of a news which apparently was not correct but then it should have bounce back and it did not do that. yesterday it closed lower and saw significant lows before it closed a little better, that's not enough, the fact is that its underperforming the broad market, its broken the Rs 200 level, its moving down steadily, I suspect its again in a bear market of its own probably lower levels are coming in, we are looking at Rs 180 but I don't think Rs 180 will finally hold, it should go lower."
Disclosure: I have no personal holding in any of the stocks discussed.
