Expect Lupin to hit Rs 1670: Shubham Agrawal

Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "We believe that pharmaceutical stocks would see a correction relatively compared to Nifty. We have seen most of our sector rotation model which has started indicating that. So, with that view if you look at Lupin there was a breakout failure that we have seen.""The stock attempted to move upwards but we have seen a failure happening and generally whenever we see this type of a formation happening, the counter move is generally very sharp. So, we did see a bearish engulfing pattern getting formed around the level of Rs 1,850, so the downtrend should resume again. On the downside Rs 1,670 is what we expect and stop loss for the same can be kept at Rs 1,875," he added.