Sun Pharma may fall to Rs 440: Shardul Kulkarni

Shardul Kulkarni of Angel Broking told CNBC-TV18, "The highest probability of the stocks falling is from the IT space because most of the FII money is in pharma and IT, which can correct from current levels. So in Sun Pharma, we are already seeing significant built up."

"Going forward we will see further decline in case of Sun Pharma. The stock has already given a breakdown, has now moved into a lower top, lower bottom cycle on the daily chart. So probability is that Sun Pharma can move to Rs 440 going forward," Kulkarni said.
He further said, "Infosys is starting to give up certain gains, so I would expect a correction in case of pharma as well as IT stocks over the next couple of trading sessions if this phenomenon continues. If I had short positions on the Nifty itself I would cover my shorts at this price."