stock market today The Nifty Pharma index is up nearly 2 per cent today after giving a breakout at 14,500 on Friday. Pharma major Divi’s Lab’s share price rose nearly 10 per cent, Abbott India gained 5 per cent, Gland Pharma gained nearly 4.50 per cent, while Aurobindo Pharma shares rose in intraday session. increased by 4 percent.
Some pharma stocks have given breakouts and according to experts, these stocks can be bought for further gains in the next 2-3 months. He advised that one can buy shares of Dr Reddy’s, Sun Pharma, Cipla and Divi’s Lab today.
Speaking on the reasons behind the rise in pharma stocks; Sumeet Bagadia, Executive Director, Choice Broking said, “Nifty Pharma Index has given a breakout at 14,500 on Friday’s close basis. Hence, most of the pharma stocks are skyrocketing today. In fact, in this latest breakout in the Pharma Index, some Big pharma companies like Sun Pharma and Dr Reddy’s have given fresh breakout today and one can buy these pharma counters for immediate short term gains.”
Resonating with the thoughts of Sumeet Bagdia; Ravi Singhal, Vice Chairman, GCL Securities said, “Dr Reddy’s, Sun Pharma, Cipla and Divi’s Lab can be bought for a time period of 2-3 months. Motivation buy in Dr Reddy’s shares at current market price for investor target.” can. ₹Maintaining Stop Loss at 5340 ₹4970. Similarly, one can buy Sun Pharma at the current market price for a target of Rs. ₹880 to ₹maintain stop loss at 920 ₹804. Those who want to buy Cipla stock can maintain stop loss ₹966 and book profit approx ₹1120 levels. Similarly, one can initiate momentum buy in Divi’s Lab shares for the target at current market price. ₹Maintaining a stop loss at 5500 ₹5100 levels.”
For those looking to take positions in pharma stocks for a short term; Sumeet Bagdia of Choice Broking said, “Sun Pharma can be bought on CMP for short term target. ₹875 to ₹900. Dr Reddy’s shares on CMP may initiate buying momentum for short term target ₹from 5200 ₹5250.”
Nifty Pharma top gainer, Divi’s Lab, is in focus today as the company is the authorized manufacturer of the MSD for Molnupiravir API – a drug that has been found to reduce the risk of hospitalization or death by almost 50 per cent, which is a covid contract is at risk. 19, showed a planned interim analysis of data from Phase 3 clinical trials by Merck.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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