Ashish Chaturmohta of Fortune Group told CNBC-TV18, "Pharma space is looking extremely positive. Most of the stocks are trading at 52-week high or have crossed their all time high levels with a very strong addition in terms of open interest. Stocks like Aurobindo Pharma, Cipla or Strides Arcolab have seen very strong open interest addition in last three or four trading sessions."
"Strides Arcolab which has seen a build up of almost 15 percent in a range between Rs 1,200-1,250 has today given a good breakout above Rs 1,250. So, clearly the stock is poised for a fresh all-time high and can target somewhere around Rs 1,300-1,320 in a very short span of time. We are recommending a long call at current level with a stop loss below Rs 1,227 and on upside expecting a target of Rs 1,300 in next three to four trading sessions. However, if you look at the overall build up and the chart structure, the stock looks good for a target of Rs 1,360-1,370 in next two to three weeks also," he added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
