Sun Pharmaceutical Industries has target of Rs 1600, says Technical Analyst, Ashwani Gujral.

Gujral told "Clearly the largecap and midcap pharmaceutical is doing well. So for Sun Pharmaceutical Industries the next target could be Rs 1,600 and for Ranbaxy Laboratories level of Rs 520 is possible.”

He further added, “Dr Reddys Laboratories is trading at new highs and can go to Rs 1,200. So a bigger bull market is going on in pharmaceutical than is going on in the Nifty. On all declines these stocks become excellent buys.”

“On Orchid Chemicals and Pharmaceuticals one could easily see levels of Rs 236; it has broken out of Rs 190-195 sort of resistance. So, on all declines one can get into the pharmaceuticals.”