Prefer Glenmark Pharma, may test Rs 1120: Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "Pharmaceutical stocks are doing good, on charts it may appear that Dr Reddy's Laboratories has given you a fresh breakout above its 52-week high even Lupin is near its 52 week high. We like Glenmark Pharma in pharmaceutical. If you look at it, we haven’t seen a huge formation of short positions and now the upside move has again started from lower levels. So from risk reward ratio perspective if one wants to take exposure in this space, purely from trading angle and not from investment angle, it is Glenmark.""I am expecting this stock to bounce back to Rs 1,100-1,120 levels and you can keep stoploss somewhere around Rs 1,005, " he added.