Monday 3 November 2008

Exit Ranbaxy above Rs 220-225: Bhambwani

Technical Analyst, Vijay Bhambwani is of the view that short term investors should get out from Ranbaxy Laboratories above Rs 220-225.

Bhamwani told CNBC-TV18, "If Ranbaxy has to fall in a panic kind of a situation, I doubt it will fall below Rs 145 in a worst case scenario, at least what is apparent from the current situation. On the upside, I see resistance at Rs 210 in the short-term, once one see a crossover above Rs 210 with very heavy volumes and very convincing fresh commitments from bulls, then it could be a trend determining kind of a breakout. But the strength of the breakouts needs to be very strong for the stock to actually start to go up with strong momentum. If one has a very short time frame in mind, I think Rs 220-225 is where he/she should get out at. But if one has time and patience by all means please wait."

Source: Moneycontrol

Posted by Harsh at 06:59

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)
DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.