Short Dr Reddy's Laboratories, target Rs 2700: Shubham Agarwal

Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "If you look at pharmaceutical space as whole we have been seeing relative underperformance from the sector and we believe for coming few months we might see some more selling coming in on the overall pharmaceutical space and we do expect another 15 percent correction in the pharma.""For Dr Reddy's Laboratories Rs 2,950 was a very immediate support from there we have already seen a breakdown happening. We expect this downtrend to accelerate and Rs 2,700 is a target that we are looking for and the stop loss of the short trade can be kept at Rs 3,005," he said.