The dream run in pharma shares which started from 2012 wherein pharma shares inched higher on a daily basis are currently going through a phase of correction and this is not the time to be in these shares, says Jay Thakkar, senior technical analyst at Sharekhan.
Stock Talk
Divi's Labs: The stock has broken its crucial support levels and it now has support around Rs 865. If it settles down around hose levels then traders can look at buying this stock. Traders should not hurry in buying this stock.
Sell Cipla: Traders can sell Cipla with stop loss at Rs 590 for target of Rs 536-510.
Sell Bharat Financial: The overall chart structure suggests that the stock has reversed its uptrend. The stock is currently looking too oversold and traders should not create fresh short positions at curremnt juncture. Meanwhile, traders can sell this stock on bounce back around Rs 620-630 for target of Rs 520-530.
Sell Aurobindo Pharma: The stock swiftly moved from Rs 200 to Rs 1,000 and the recent fall has been corrective which suggest that downfall in Aurobindo Pharma has started. The stock can go down to Rs 568 and a break below Rs 568 can take it to Rs 500.
Sell Cadila Healthcare: The stock is below its short term moving averages and is forming lower top lower bottom formation on charts. The stock can go down to Rs 305-310.
Disclaimer: Investors are advised to make their own assessment before acting on the information.
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