Add Ranbaxy Laboratories, target Rs 650-660: Hemant Thukral

Hemant Thukral of Aditya Birla Money told CNBC-TV18, "Whenever I have seen Bank Nifty correcting or for that matter high beta space start to show signs of correction, we have seen defensives coming and rescuing the Nifty. I think pharmaceuticals did that yesterday but the best point in pharmaceuticals here is that they are not seeing any major correction. So even people can hold for long positions."

"Yesterday Ranbaxy Laboratories had made a new 52 week high again. It has now crossed the previous Rs 619-620 barrier. So I think you can add today with a stoploss of Rs 604 and we are heading towards Rs 650-660. In fact, all pharmaceutical majors, Ranbaxy saw 6 percent open interest (OI) yesterday, Sun Pharmaceutical Industries is now linked totally with Ranbaxy, so in any case Sun Pharma and Ranbaxy move in tandem but still Dr Reddy's Laboratories and Cipla also managed to show good OI additions," he said.

"So pharmaceutical rally will continue and especially because I feel that Bank Nifty may show some more correction from here on, a small bit of correction of at least 100-200 points, that means pharmaceutical will at least in next one-two days will be giving good trading profits to traders."