Buy Ipca Labs, target of Rs 700: Sahil Kapoor

Sahil Kapoor of Edelweiss told CNBC-TV18, "Ipca Laboratories is a stock which is very strong and it is outperforming the CNX Midcap basket as a whole. It is forming a triangle pattern which is generally a consolidation pattern. So, there is a strong chance that it will breakout on the upside and current level of Rs 660 is a good entry point. Utilising a stoploss below Rs 638, one can target level of Rs 700 and even higher."

"Ipca Labs is a good buy at current levels. Also, it has moved above 20 days moving average (DMA) yesterday. So, from a momentum perspective also one will see a nice up take in Ipca Labs," Kapoor added. Also Read: May revise guidance upwards post Q2: Ipca Labs