Enter Sun Pharma on dips: Ambareesh Baliga

Ambareesh Baliga, Independent Market Expert told CNBC-TV18, "Dr Reddy's Labs has been on my buy list even in the past. They were my favourites as far as pharma is concerned and we should always remember that US Food and Drug Administration (FDA) is a sword dangling on all the pharma stocks and whenever there is anything negative from that side, that is an opportunity to buy these stocks.""Something like Dr Reddy's, I would start looking at levels of about Rs 3,350 and something like Sun Pharma, possibly either say Rs 30-40 lower than here should be an entry point. Because when we are talking about the large pharma stocks, the established ones, whenever there is an adverse news from US FDA, that is the time to start buying and whenever there is an extremely positive news, that possibly a time to book out to some extent. If you look at the graphs in the last two years and point out as to whenever there has been a US FDA negative news and US FDA positive news, that is a great trading range," he said.