Nifty Pharma set for 14,600 levels - 3 stocks to buy on Wednesday for gains, says Centrum Broking analyst

Nifty Pharma index looks strong and is set to achieve targets of 14,600, technical analyst Nilesh Jain said. The current hammer candlestick formation on the technical charts shows strength, Jain said. The index today ended at 14,171, up by almost 14 points or 0.11 per cent. Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking has recommended three stocks to buy when the markets reopen on Wednesday. 

Jain picked Sun Pharmaceutical Industries Limited, Cipla Limited and Lupin Limited with a short term view. 

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Sun Pharmaceuticals – The shares of Sun Pharma today ended at Rs 790.50 on Tuesday, up 3.6 per cent from the Monday closing price. He puts target price at Rs 850-Rs 880 with a stop loss at Rs 755. The stock has seen some correction after attaining a 52-week high of Rs 804.35 on 3 August. 

Cipla – The shares of Cipla ended at Rs 977, up by Rs 14 or 1.5 per cent. Jain recommends a buy at current levels with a target price of Rs 1020 with a stop loss of Rs 945. The 52-week high for this stock is Rs 997. The stock has moved both ways in the last 7-8 sessions.  

Lupin – Jain recommends a buy at Rs current levels. He puts the price target at Rs 1000 with a stop loss at Rs 915. The 52-week high of this stock is Rs 1267.65. The stock has moved both ways over the last eight trading sessions with gains in 4 trading sessions and losses in the remaining sessions. The stock today ended at Rs 951, up 1.6 per cent from the Monday closing price.  

(Disclaimer: The views/suggestions/advice expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)