Go long in Dr Reddys Labs on decline: Amit Gupta

Amit Gupta, Head- Derivatives at ICICI Direct told CNBC-TV18, "Money is clearly flowing into the sectors which are going to be benefitted with the rupee depreciation. I think the rupee is heading towards 64/USD, so I think in technology and pharma sectors one can look at and out of pharma I will definitely look into Dr Reddys Laboratories."

"The stock has gone into a very good consolidation around Rs 2400 levels in the last three months almost. I think from here if one sees the leverage in the stock it is not picking up that much. That means people are still not gung ho in this stock and that is why the stock is still holding, it is not falling just because of long liquidations. In yesterday's session we saw some fresh buying come up and the stock moved up despite Nifty coming down," he said.
"I think any decline in the stock around Rs 2430-2450 levels can be picked to go long on the higher side. The target will be at Rs 2480 for the stock."