Ranbaxy Labs has target of Rs 570: Bothra

Ranbaxy Laboratories is looking good around the level of Rs 555. One can go long on the stock with a stop loss of Rs 545, for a target of Rs 570, says Kunal Bothra, Sr Technical Analyst at LKP.

Bothra told CNBC-TV18, "I would pick two stocks on the short side and two on the long side. On the short side DLF and Tata Power should be the two stocks with levels which I mentioned. The trading timeframe for the shorts is not more than five days for this week. It should be crucial enough if the breakdown happens one can square off and look at trading these positions." He further added, "On the long side I would trade on the momentum and two of the stocks which again look good on charts; one is Ranbaxy Laboratories, at level of around Rs 555 its still looks good, the momentum is very strong and with a stop loss of close to Rs 545 one can look at a target of Rs 570 on Ranbaxy. This is from a short-term timeframe, three-five days." "The other is Dabur India. It is an excellent chart showing some good momentum again at Rs 125 odd levels, which is a current price right now; one can look at entering this stock with a target of Rs 130 and a stop loss of Rs 122." Disclosure: No personal holdings in any of the stocks but at LKP we keep recommending these stocks to our clients.