Amit Gupta of ICICIdirect told CNBC-TV18, "Divis Laboratories is one of the defensives which has been in a range, very strict range from the start of this year, it has been around Rs 1,900. Whenever it falls to Rs 1,800-1,750 again and again we see the buying coming up from there. Now it has slowly being moving up. The stock has taken out Rs 1,900, so today if again because of the market dip if it falls it is an opportunity to enter into the stock because if you compare the last two months with the last 6 months, in the month of May we have seen that almost 40 percent of closer in open interest."
"In the month of June we saw around 20 percent of closer happened. So somehow the leverage is coming lower and this leverage was more on the short side which is coming lower and which is good for the stock. So eventually, I think it should move above Rs 2,000 levels and it may be a good defensive stock to be there in your portfolio," he said.
"Rupee previously was around 62 per dollar but now it is 63.5 per dollar and slowly it is forming the higher base. I understand that it is absorbing the outside problems but still the base from previous 62 per dollar has come up to 63-64 per dollar. Divis Labs has 92 percent export. So, from that perspective also you can buy the stock, eventually it should have good gains also," he added.
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