3:02 p.m. Some pharma stocks are buzzing today. Wockhardt is up 9.5 per cent to Rs. 604 while Ranbaxy gains 6 per cent to Rs. 429. Wockhardt has surged over 30 per cent in 2 days while Ranbaxy is up over 21 points in 5 days.
Dealers say most buying in these stocks is seen from hedge funds and traders. Most of the buzzing names so far are under owned and they are playing catch up with markets, dealers say.
3:00 p.m. Kunal Bothra, senior technical analyst of LKP, attributed today's correction to routine profit-taking. He sees Nifty correcting another 50-60 points in the next few days. Nifty has support at 6650, he says.
If markets correct to 6620, it could fall another 100-120 points, he added.
2:40 p.m. Gaurang Shah, assistant vice president at Geojit BNP Paribas Financial Services, says, "Some pockets of the market are looking expensive and very soon the earnings season will begin. It is a buy on dips markets."
2:15 p.m. Laurence Balanco of CLSA says Nifty is a 'buy on dips' market and it is vulnerable to short-term pullbacks. However pullback in India might be short-lived and pullback to around 6480 is a buying opportunity, he adds
TANU- PGDM-1st
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