Ranbaxy can test Rs 460-465: Shardul Kulkarni

Ranbaxy can test Rs 460-465, says Shardul Kulkarni, Sr Technical Analyst, Angel Broking.

Kulkarni told CNBC-TV18, "Cipla has fallen from the highs of around Rs 360 levels and moving sideways. So I would expect some bit of consolidation in case of Cipla. Although the weekly chart looks quite good but on the daily chart I feel that the stock is in a downtrend and you may see some bit of consolidation before a reversal takes place."
He further added, "Incase of Ranbaxy the charts are quite clear, you have seen that the stock is in a very strong breakout today and you are seeing the possibility of Rs 460 being tested cannot be ruled out. It is too late to go long right now. If you get a chance that you can buy the stock near Rs 430 or lower than Rs 430 then you have a favorable risk to reward ratio where you can place a stop loss at around Rs 410 and play for a target of Rs 460-465."