Go long in Ranbaxy, advises Ashish Chaturmohta

Ashish Chaturmohta of Fortune Equity Brokers told CNBC-TV18, "We have a buy recommendation on Ranbaxy Laboratories. I think there is a clear breakout on the weekly chart and with this breakout what we have observed that this stock has seen a rollover of almost one crore shares versus 80-90 lakh shares. So clearly there is a strong rollover in terms of positions."

"Even if one looks at in terms of open interest (OI) build up in last three days clearly around 12-13 percent addition has been seen. So I think this time this stock can give another 4-5 percent at current levels. We are recommending it for a target of Rs 490 in the short span of time, one can initiate a long position keeping Rs 435 as a stoploss," he said.