BUY Ranbaxy Laboratories

[nishanthcy]

Ranbaxy Laboratories (BUY, CMP Rs485, Target Rs535) in short term


The stock has been on a steady rise despite steep correction in major indices witnessed this year. It is moving steadily
holding support of its short term trendline. Over the last few trading sessions, the stock has broken above from rounded
bottom chart formation. A rounded bottom is considered a bullish signal, indicating start of a new uptrend. The uptrend is
accompanied with smart volumes. Daily oscillators are indicating strength in the price movement. Daily RSI is well above
its neutral area and daily MACD has also seen a positive crossover. Traders can buy the stock for a short term target of
Rs535.