Cipla may move to Rs 660-670: CA Rudramurthy

CA Rudramurthy BV of Vachana Investments told CNBC-TV18, "Dr Reddy's Laboratories as well as Sun Pharmaceutical has given 35 percent correction from the top within a very short period of one month. Now at current valuations both fundamentally as well as technically, I am very bullish on pharmaceutical sector. Even for investors, this is a great place to enter. For someone who is very skeptical on overall market, you have no two better sectors than pharmaceutical and IT to hide especially when you have dollar index reaching eight month high, when you have Fed increasing the rates by December. All these are very positive for rupee to fall and dollar to further appreciate. Only two great sectors which can benefit is pharmaceutical as well as IT.""On the pharmaceutical I like Cipla a lot. It has strong support emerging at Rs 600, Rs 620 as well as Rs 630 zones and it is holding that support. For an immediate target one can see levels of Rs 640-643 and from there one can even see targets of Rs 660-670 whereas downside is very much limited on the stock. The risk reward is very much favourable on going long in Cipla," he added.