Buy Ranbaxy, says Jitendra Panda

Buy Ranbaxy, says Jitendra Panda, Future Capital.

Panda told CNBC-TV18, "I would recommend a buy on Ranbaxy. The open interest today also is increasing on the long side. I would recommend to buy at current market price and look for a target of around Rs 532-535 range. Keep a stop loss of Rs 514 or a little lower. So I would recommend a long position on Ranbaxy at this juncture. We believe for expiry also this could be good trading position on the long side."
The share touched its 52-week high Rs 570.00 and 52-week low Rs 366.50 on 02 Aug, 2011 and 19 Dec, 2011, respectively. Currently, it is trading -7.98% below its 52-week high and 43.11% above its 52-week low. Market capitalisation stands at Rs 22,139.81 crore.