Harchekar told CNBC-TV18, "Purely on technical basis Strides Arcolab today has given a breakout from an inverted head and shoulder above Rs 435 levels. So as long the stock sustains above Rs 435 we can expect this rally to extend towards Rs 495-500 zone."
He further added, "Already we have seen the stock taking resistance close to Rs 490 and then moving sideways. So my view would be positive in this counter but I wouldn't be initiating long at current levels. I would wait for a dip towards Rs 440 levels and only then it becomes a reasonable buy."
