Buy Divis Laboratories on correction: Abhishek Karande

Abhishek Karande of SBI Capital Securities told CNBC-TV18, "Divis Laboratories is a very clear candidate in the pharma sector. I personally feel the stock is headed for Rs 1,400 odd levels. One has seen an outbreak on the daily charts today. The yearly charts are quite good, so even if the stock goes beyond Rs 1,400 it will not be a surprise. We have seen rally in lot of other stocks. This is a stock which had not been rallied compared to other stocks. So one need to be focused and buy the correction on the stock."

At 15:15 hrs Divis Laboratories was quoting at Rs 1,280.15, up Rs 19.05, or 1.51 percent. It has touched a 52-week high of Rs 1,297.05.

The share touched its 52-week high Rs 1,266 and 52-week low Rs 905 on 13 January, 2014 and 05 August, 2013, respectively. Currently, it is trading 1.12 percent below its 52-week high and 41.45 percent above its 52-week low. Market capitalisation stands at Rs 16,991.98 crore.