Ranbaxy showing short term weakness: Mathew

Technical Analyst, E Mathew is of the view that Ranbaxy is showing short term weakness.

Mathew Told CNBC-TV18, "Most of the pharmaceuticals stocks are looking good. Orchid Chemicals is an exception but unfortunately the incident in Orchid is now being utilized as an opportunity to paint all possibly some of the smaller pharma companies with the same brush, which I don’t think is fair. But if you look at something like a Ranbaxy, it is showing a short-term weakness. But, at lower levels, Ranbaxy may be, if it drifts by about Rs 10-15 odd from the current levels, Ranbaxy would also qualify as a buy on declines rather than a sell on rise".

Disclosure: It is safe to assume that analyst & his clients may have an interest in the stocks/sectors discussed.

Source : MoneyControl