Pharma Stocks Outlook for the week – 14 to 18.07.2014
(www.rupeedesk.in)
(www.rupeedesk.in)
Stocks of pharmaceutical
companies are seen trading positive on defensive buying due to
expectations of a weaker broad
market clubbed with resence of a positive momentum
showed by the sector during the
past few weeks. Nifty is expected to touch the levels of
7,200 points by the next week or
the week after that. So, on defensive buying, pharma
sector is seen positive for now.
We saw the two soon-to-be-merged
drug makers Ranbaxy Laboratories Ltd and Sun
Pharmaceutical Industries Ltd--as
the outperforming stocks next week. The high
possibility of Ranbaxy's shares
touching the 600-rupee-level next week, which he also
saw as the resistance for the
stock. He pegged support for the stock at 520 rupees. Stock
of Sun Pharma could touch its
first resistance level of 775 rupees. He saw support for the stock at 710 rupees.
