Stock Talk: Ruchit Jain on Dr Reddy's, Cipla, ITC

Ruchit Jain of Angel Broking believes that there is still upside in the markets. The market has potential to go up to 8500 in the next couple of days, he says. The markets will be rangebound where 8300 is the support and 8500 would act as resistant, he said.

Stock Talk:

Buy Dr Reddy's: It has outperformed pharma names especially large cap pharma names like Lupin, Sun Pharma. The rally is backed by good volumes. Every correction is an opportunity to accumulate or buy this stock. It could go up to Rs 4150. At current levels the stock is a buy.

Buy Cipla: Overall the chart structure looks positive for Cipla. It would continue to do well. Even at current levels one can initiate fresh longs, with stop loss below Rs 685. In the one month itself the stock would go up to Rs 740-750 levels.

ITC: It has turned quite volatile. So I believe upside would be limited in this stock in near term.

NTPC: Broadly the stock has been consolidation since the last few months. We have not seen any major directional movement in the stock. On the higher side Rs 155-160 tends to act as a resistance and Rs 125-130 acts as a good support and we don't think this range would be broken.

It won't be a short-term buy, it does not give large movements in short term, so probably for long term investors those who have view of more than 6 months the support zone of Rs 125-130 should be used a buying opportunity.