Buy Aurobindo Pharma on every dip: CA Rudramurthy

CA Rudramurthy BV of Vachana Investments told CNBC-TV18, "We have to invest on stocks which are outperforming rather than trying to catch a falling knife and trying to buy a beaten down stock. Aurobindo Pharma, even at current levels looks fantastic both on fundamental as well as technicals.""This stock is in a clear uptrend and it has given breakout above Rs 850 on charts. Now, this stock can be bought on every dip. I suggest people to wait and buy on dip for an investment purpose. Rs 855-860 will be a fantastic level to accumulate for the year 2016 and for traders, you can see immediate targets of Rs 920 keeping a stoploss of Rs 848. Someone who has a one year timeframe, it should give a return of 30-50 percent in the coming year," he added.