Kunal Bothra, Sr Technical Analyst of LKP told CNBC-TV18, "Ranbaxy Laboratories is a typical or a unique chart in terms of pharmaceutical stocks because if you look at the last two-three months horizon from Rs 380 or just sub Rs 380 levels it has moved very steadily towards Rs 480. However if you look at the last 15-20 trading sessions there has been no real move if you compare Ranbaxy vis-à-vis any other pharma stocks."
He further added, "If we look at the move today 5.5 percent down it just gives a signal that probably distribution pattern is what we can witness over here. My sense is if it breaks at Rs 440 level in the next couple of days the short-term uptrend could more or less be over for Ranbaxy."Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
