Buy Cipla; target Rs 396: Jitendra Panda

Jitendra Panda of Capital First Securities feels that one can buy Cipla with a target of Rs 396.

Panda told CNBC-TV18, “When the markets are not looking good or not giving any positive bias defensives play the role and today also if you see the long side which is building up in the pharma sector where Cipla or Aurobindo Pharma has seen good amount of positive rollover. I would recommend Cipla at this level and certainly to buy with a target of Rs 396 and Rs 380 is the stop loss where I would like to look at Cipla. The pharma sector is looking well and positions are getting rolled over on the long side so Cipla is a buy.”