Lupin, Cipla top picks from pharma space: Manoj Murlidharan

Manoj Murlidharan of Religare Securities told CNBC-TV18, "We like pharma as an Index and I guess it might outperform in July. Precisely, on the Index, I guess 11,920 at least on the levels is what we are looking at. Lupin is the top pick. We have seen good buying and mostly it is following the concept of volume weighted average price (VWAP) where we are seeing buying in the cash market. We recommend buying the stock futures around Rs 1,555 with a stop loss of Rs 1,525 and we have a target of Rs 1,620.""We are quite optimistic on Cipla. The stock is currently at Rs 508, we recommend buying with a stop loss of Rs 498. It has got an initial target of Rs 532 but then ultimately we feel it has got more room on the upside. Somewhere close to Rs 553 is where we might see some distribution. So, this would be top two picks from pharmaceutical space at least in the short-term," he said.