Sell Ashok Leyland, Cipla: Mithil Pradhan

Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, "I am expecting Nifty to move to about 8,330 odd levels and so I am given two sell calls today. Ashok Leyland is in a kind of a sideways move and right now it is at the top of the range. Today a major support at around Rs 72 levels has been taken out. So I am expecting this stock to move to about Rs 65 odd levels which is the lower end of the sideways range. I will keep a stop loss at about Rs 77."

"I am not very bullish on pharma stocks because the recent correction of the last 2 or 3 months has created a mega oversold on oscillators which ideally means that pharma will stay under pressure for the next few months from here. The recent rally in pharma stocks gives an opportunity to sell on rallies. So Cipla is something that I would like to sell. I am looking at a target of Rs 602 on the downside and my stop loss is going to be Rs 664," he said.

Disclosure: The stocks have been recommended to clients but analyst does not have any personal positions.