Go long on Lupin around Rs 870: Ashish Chaturmohta

Ashish Chaturmohta of Fortune Equity Brokers told CNBC-TV18, "Cipla and Sun Pharmaceutical Industries are looking quite strong. We are recommending a long call on Cipla and Lupin. Cipla has seen a very strong build up of positions since it has crossed its all-time high around Rs 425 levels. After that, we are seeing stock making higher top-higher bottom formation. So now Rs 435-436 on downside becomes a strong support zone."

"One can initiate a long position in Cipla. We are looking for a target of Rs 460-465 in short-term, but on a positional side we are looking for a target around Rs 500 levels," he added. "Even Lupin is one counter which has formed a very strong base after making its all-time high. So we are looking for a target around Rs 940-950 on upside in Lupin. So this is one stock where some dip around Rs 870 would be a good opportunity to go long." Also Read: Lupin launches generic ophthalmic solution in US market