Ashish Chaturmohta of Fortune Equity Brokers told CNBC-TV18, "Overall pharma looks quite strong be it Ranbaxy Laboratories, Aurobindo Pharma or Lupin. We have picked Ranbaxy because in last five trading sessions we have observed a buildup of 15 percent and on the weekly charts it is a breakout above Rs 420 levels."
"This is one stock which is continuously making a higher top higher bottom formation since last one and half months. So I think we may see a strong outperformance coming. We are expecting a target of Rs 450 on upside in next five-seven trading sessions in Ranbaxy. One can initiate a long position keeping Rs 403 as a stoploss," he said.
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