Buy Ranbaxy Labs around Rs 540: Mohindar

Rahul Mohindar, viratechindia.com advice traders to buy Ranbaxy Labs around Rs 540.

Mohindar told CNBC-TV18, “L&T is a good buy for another Rs 70-80 if you are looking at it short-term. But when we look at sector wise one sector which is again starting to look little interesting is something like pharma.”
He further added, “If one looks at Ranbaxy, one should look at buying the stock if it breaks out above Rs 540 so subject to that I think we would really get a good run up may be towards Rs 580-590 on the stock. So that’s a level I would look at Ranbaxy, so Rs 540. The other one which one could really look at in terms of a long position would be Reliance. The stock has done a bit of correction in the short-term and I think it is probably good for more. So that frontline support will definitely come in from here. Don’t see greater than an Rs 15-20 risk on the immediate downside.”