Cipla has target of Rs 416: Jitendra Panda

Jitendra Panda, Capital First Securities is of the view that Cipla has target of Rs 416.

Panda told CNBC-TV18, "I would like to wait for 5610 to buy on large caps. I would like to be cautious and go to the pharma sector. Cipla is one where I am recommending a buy. We are continuously seeing above Rs 400 level and trading above that. So Rs 396 is where I would like to keep the stop loss and Rs 416 is where I would see the target just keeping a caution and trying to play the market a little safely in case Infosys gives any negative surprise, so Cipla could be one where we could go for a buy."
He further added, "If you are looking for midcap buy then Arvind is another one where we are seeing some amount of buying and good amount of OI still holding on the long side. Keep the stop loss at around Rs 81 levels and Rs 88-89 is the target which we see on Arvind." Disclosure: Stocks discussed are recommended to our clients. They have positions in the stocks.