Manghnani told CNBC-TV18, "I feel pharma is one sector that hasn't broken down in the last year but now there are signs not the entire sector but some stocks will crack, so Lupin is one that has not corrected. So it's more a bigger call rather than a short term trading call that eventually this stock is headed more lower."
He further added, "For the time being I have just put a call between Rs 440-452 to sell and it should go back to Rs 428-417. But I am looking at a much bigger collapse in Lupin, correction in stocks like Dr Reddys , Sun Pharma , even Glaxo , all these need to play catch up on the downside."
He further added, "We spoke on Wednesday that most of the good news of the rupee depreciation is already in the price, Infosys and TCS have not corrected at all for two months. So there were a lot of long positions, a lot of hope on these stocks that their result should be something fantastic. So it was a case of sell into the numbers and sell even post the numbers. Now that everything is out, there is no more surprise. From a level point of view Rs 2568 is the first number to watch out for but if it takes that out then I am looking somewhere around Rs 2472 in Infosys."
