Glenmark Pharma may rally to Rs 490, says Mohindar

Rahul Mohindar, Director of viratechindia.com is of the view that, in midcap space, Glenmark Pharma has fairly good potential. The stock is expected to rally to Rs 490.

Mohindar told CNBC-TV18, "On the sell side DLF and Reliance Industries could be looking at a 5-6% downside. To add to that list I would look at TCS for a target of Rs 1,200. If we are looking at the upside I think there is really a good opportunity within pharma and amongst the bigger ones Cipla is one could buy for the strong target of Rs 410 in the short-term." He further added, "If one is willing to be a little more aggressive and play the midcaps I would look at Biocon and Glenmark Pharma. I think both these stocks have a fairly good potential. Biocon particularly could give a 6-7% run. Glenmark looks set for Rs 490. So I would really look at it sectorally as I put it." Disclosure: I would not directly hold any positions in these stocks but could have recommended them earlier.