Hold Ranbaxy Labs with stop loss of Rs 540: Anu Jain

Anu Jain of IIFL Private Wealth Management advice traders to hold Ranbaxy Labs with stop loss of Rs 540.

Jain told CNBC-TV18, “The whole pharma sector like how we had IT giving a signal, this has really run up, IT was oversold, but whether it is Lupin, Ranbaxy, in the midcap name, Venus, Jyothy, Shasun, I think we are in for another good ride in that sector overall.”
She further added, “Ranbaxy Labs at about the current price it’s looking like if it doesn’t break Rs 540 level you are looking at closer to Rs 600 on the charts, maybe not in the same week but over a period of 10-15 days. So I would continue to hold it. I would probably keep a stop loss if I am holding it close to about Rs 540 despite the rise we have already seen on Friday and I think that would go for the whole sector. So you have got consolidating stocks like Sun, Lupin whereas you have got the midcap taking off out here. So I think this sector is good to go for another couple of percentage points.”