Ranbaxy Laboratories may rally to Rs 565, says Kulkarni

Shardul Kulkarni, Sr.Technical Analyst, Angel Broking is of the view that, Ranbaxy Laboratories' chart is quite bullish and it may rally to Rs 565.

Kulkarni told CNBC-TV18, "The chart structure of Ranbaxy Laboratories is quite bullish. The stock is holding on to support levels. It has not corrected below the levels of Rs 520 for the last three weeks. It still remains a strong buy." He further added, "I would still look at possibility that the stock moves to Rs 565. We were waiting for this particular breakout and the stock has finally moved above Rs 545 levels after 8 days of sideways consolidation. So the stock is still bullish. Rs 565 would be my target price." Disclosures: It is possible that we have positions in the stocks discussed and we have recommended them to our clients.