Marksans Pharma may test Rs 58-60: Ambareesh Baliga

Ambareesh Baliga, Independent Market Expert told CNBC-TV18, "Marksans Pharmawas rediscovered in 2013 late where it started moving up from that Rs 2-3 and became a darling in that midcap, small cap pharma space at levels of about Rs 100 plus. But then we should remember that at those levels all the good news was already priced in and clearly I don't think people were expecting any sort of adverse news flows which we saw recently that they had been pulled up by the UK drug body because of which we saw that crack.""This is a major negative for Marksans and because of this we could see the stock possibly coming down the levels of about Rs 58-60. So, that move which we saw from 2013 till some time back that is over," he said."I feel that whatever adverse news was there as far as the PSU banking space is concerned and it is most non-performing assets (NPA) issues that is already known there may not be too many negative surprises for this space. So, because of which I feel that the downside from here in Syndicate Bank could be limited but the upmove to get that levels of Rs 103 will take long time may be possibly another 12-15 months. I feel that one should just hold on and wait for that move possibly after 12-15 months."