Sudarshan Sukhani of s2analytics.com is of the view that one can sell Dr Reddys Laboratories .
Sukhani told CNBC-TV18, "Dr Reddys Laboratories is clearly making a distribution at higher levels at Rs 1,670-1,690. It's been trading in that range and then it has broken down from that range. So there is a very clear message that Dr Reddy's is going through a correction now."
He further added, "There is probably money on the downside even if the broad market goes up. This happens quite often. We see how pharma outperforms when markets are down and how it suddenly turns an underperformer when the high-beta stocks start catching up. I think that's normal cyclical and that's what happening here. But probably we can even see a much lower levels of Rs 1,550 or Rs 1,600. So, Dr Reddys not just for today is a sell buy also for the next few days."
