Buy Aurobindo Pharma 1200 Put, says Rahul Shah

Rahul Shah of Motilal Oswal told CNBC-TV18, "All pharma stocks have corrected and midcap pharma has been beaten up a lot, so I feel Aurobindo Pharma still have space, it has broken. The level of Rs 1,260 was its major support which is broken. So it can easily go down to Rs 1,150. I would buy 1,200 Put at current market price with a stop loss of Rs 20 with target of Rs 45."

At 13:24 hrs Aurobindo Pharma was quoting at Rs 1,246.85, down Rs 39.30, or 3.06 percent. It has touched an intraday high of Rs 1,288.70 and an intraday low of Rs 1,200.10.

Disclosure: Analyst do not have any positions.