Ashish Chaturmohta of Fortune Group told CNBC-TV18, "Overall we are witnessing a very strong build up of positions on the long side in most of the pharmaceutical names. Aurobindo Pharma has been consolidating in the range of Rs 1,340-1,280 on downside. In last three-four weeks we have seen a good amount of consolidation happening and during this consolidation we have seen addition of almost 8-10 percent in terms of open interest (OI) rise clearly indicating that a lot of long accumulation has happened in the range between Rs 1,320 and Rs 1,330 kind of levels."
"Keeping Rs 1320-1330 as stop loss, the stock has a potential to cross its previous all time high. In short-term we are expecting a target of Rs 1,400 but overall this structure suggests that the stock has a potential to cross Rs 1,450-1,460 in next one-two weeks,"he added.
Disclosure: Analyst does not have personal holdings
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
