Buy Biocon; Sell Dr Reddy's Labs, Cadilla Healthcare: Manas Jaiswal
Nifty witnessed some profit booking at higher levels in the last two trading sessions, says market expert Manas Jaiswal. Meanwhile, he recommends that investors need to be stock specific when it comes to pharma sector.
Stock Talk
Buy Biocon: The stock has given a clear breakout above Rs 1000-mark on Monday with great volumes. Traders can buy this stock around Rs 990-1,000 with stop loss below Rs 950 for target of Rs 1,100-1,120.
Buy Strides Shasun: The stock has also given a clear breakout with great volumes. Investors can buy Strides Shasun around Rs 1,125-1,130 with stop loss below Rs 1,130 for target of Rs 1,220.
Sell Dr Reddy's Labs: The stock was facing resistance around its 200-day moving average and witnessed lot of selling pressure at higher levels as it broke its support of Rs 3,100 on the intraday charts. There is a possibility that the stock may test its previous low of Rs 2,980. Traders can sell Dr Reddy's Labs with stop loss at Rs 3,090.
Sell Cadilla Healthcare: The stock was facing a lot of resistance near to its 50 or 100-day moving average. It made of high of Rs 380 on Friday and today it fell sharply. The stock is drawing lower top and lower bottom formation on charts. Meanwhile, it can go down to Rs 340 again. Traders can sell with stop loss above Rs 367.
Disclaimer: Investors are advised to make their own assessment before acting on the information.
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