Buy Aurobindo Pharma on dips, says Simi Bhaumik

Simi Bhaumik of simibhaumik.com told CNBC-TV18, "I would say that it would be risky to go long in Aurobindo Pharma at these levels. This stock is looking weak on technical parameters, at least short-term chart is looking weak. I think it should consolidate between Rs 860 and Rs 820 on the downside. Now, major support would be around Rs 780.""If one wants to go long, then put a stoploss below Rs 780. But overall long-term trend is firm, so if anybody is holding this stock, I would suggest a stoploss for long-term investors below Rs 780 or Rs 750. But, for a fresh buy at these levels around Rs 860-870 range, I feel a bit risky. So, I would not suggest a fresh buy at these levels. Wait for dips," he added.