Orchid Chemicals may head above Rs 80: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "Pharma stocks have done really well, the likes of Dr Reddy's Labs, Sun Pharma, Lupin and Aurobindo Pharma are making a new high almost every other day but Orchid Chemicals is going sideways. However in this sideways moment which has taken place for last two months, the stock already has seen a sharp rally from Rs 40 to Rs 80."

"I believe that the stock is consolidating on the top of its trend which is always a good sign. It is just a matter of time the stock breaks above Rs 80 and above Rs 80 the stock can hit the levels of Rs 90-95," he said.