Feb 19, 2013, 10.59 AM | Source: CNBC-TV18
Short Dr Reddys Laboratories, says Sudarshan Sukhani of s2analytics.com.
Sudarshan Sukhani (more)
Technical Analyst, s2analytics.com | Capital Expertise: Equity - Technical
Sukhani told CNBC-TV18, " Dr Reddys Laboratories is a sell and it is a surprise. It started falling and we thought that this is a correction, but it was not. It is now breaking all kinds of support levels and making a distribution pattern that promises that what we are looking at is an intermediate downtrend, not just a short-term correction.”
He further added, “I think perhaps it is company specific, but whatever the reason Dr Reddys is now a short selling idea. Even in a market that could go up probably this one is likely to underperform.”
The share touched its 52-week high Rs 1,968.60 and 52-week low Rs 1,555.00 on 25 January, 2013 and 19 June, 2012, respectively. Currently, it is trading 8.54% below its 52-week high and 15.79% above its 52-week low. Market capitalisation stands at Rs 30,579.91 crore.
Disclosure: I have no holdings or interest in the stock discussed.
Net Sales are expected to increase by 4.6 percent
Net Sales are expected to increase by 0.4 percent
US Food and Drug Administration (USFDA) will re-au
Nomura has a buy ratings on Dr Reddy’s, Glenmark