Sell Ranbaxy Laboratories on rally: Nooresh Merani

Nooresh Merani of AMSEC Research told CNBC-TV18, "Technically, we were looking at Rs 480 and Rs 500 as a zone of resistance from where Ranbaxy Laboratories has fallen. It has fallen in a sharp way today, so any reversal could take it back to Rs 350-360 which could be a point to get out and overall we can be looking towards new low at Rs 270-300. The rise that can come because of some short covering would be a good time to get out.”

At 14:08 hrs Ranbaxy Laboratories was quoting at Rs 328.40, down Rs 128.85, or 28.18 percent.
The share touched its 52-week high Rs 559.95 and 52-week low Rs 253.95 on 14 September, 2012 and 02 August, 2013, respectively.