See more upside in Ranbaxy, says Amit Gupta

See more upside in Ranbaxy, says Amit Gupta, Head- Derivatives, ICICI Direct.

Gupta told CNBC-TV18, "Ranbaxy has not performed that much. It has just formed a base around Rs 450-460 levels before and now the 100 day moving average forayed is plays around Rs 513. We have already seen a couple of closings above that and yesterday despite market moving down we saw a closing around Rs 516."
He further added, "I think these are the initial signs of strength in the stock and the pharma space if somebody has to look into the defensive type kind of thing then also this could be another buy. So I think from here I am looking forward for more upsides in Ranbaxy from the current levels."