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Last Updated : Dec 22, 2015 11:32 AM IST | Source: CNBC-TV18

Go long in Dr Reddy's Laboratories: Siddarth Bhamre

Siddarth Bhamre of Angel Broking is of the view that one may go long in Dr Reddy's Laboratories.

Siddarth Bhamre of Angel Broking told CNBC-TV18, "Dr Reddy's Laboratories and Sun Pharmaceutical Industries are two strong companies with strong fundamentals are going through tough time because of what is happening from the US FDA front."

"I am not saying that this is the bottom and from here you will again see new highs in Dr Reddy's. First thing first that Dr Reddy's is one of the strongest buy fundamentally from Angel and from Futures and Options (F&O) perspective the way the stock has fallen, if you look at other stocks also like Sun Pharma and other stocks, we have seen huge pile up of short positions over there but in Dr Reddy's, short positions have been formed but they are not very significant."

"I believe that not significant downside from current levels. I am expecting a bounce back. A bounce back can take this counter to Rs 3,150 plus levels, fix a small stoploss around 50 points, which should be around Rs 2,945 and go long in Dr Reddy's Lab," he said.

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First Published on Dec 22, 2015 11:32 am
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