13 Apr , 2021 By : Kanchan Joshi
On account of Indian Government's approval to Sputnik vaccine, shares of some pharma companies are expected to get a boost in upcoming trade sessions. In fact, in the opening bell today, Dr. Reddy's share price has opened around 0.5 per cent higher at Rs5,019, Panacea Biotec share price skyrocketed around 10 per cent while shares of Gland Pharma was up around 2 per cent at Rs2,632 per stock levels. According to stock market experts, these stocsk are expected to give better returns to the stock market investors in very short-term to short-term time horizon.
On Sputnik vaccine approval aiding pharma sector stocks; Avinash Gorakshkar, Head of Research at Profitmart securities said, "After the Sputnik vaccine approval in India, pharma sector stocks are expected to outperform other sector stocks in the upcoming trade sessions." He said that stocks like Dr. Reddy's Laboratories, Panacea Biotec and Gland Pharma can be one of the 'shares to buy today.'
Speaking on Dr. Reddy's share price outlook Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "Dr. Reddy's shares are looking promising on the charts and one can buy the pharma counter at current levels for the target of Rs5,400 in the next one month time-horizon." He advised investors to maintain stop loss below Rs4,900 while taking buy position in the counter.
On Panacea Biotec share price outlook Mudit Goel, Senior Research Analyst at SMC said, "One can buy Panacea Biotec shares at current levels for the target of Rs300 in immediate short-term period. However, one must maintain the stop loss at Rs240 while taking buy position in the counter."
Asked about Gland Pharma share price outlook both Singre and Mudit Goel said that the stock has made a breakout and looks poised for an upside movement. They said that one can buy Gland Pharma shares at current levels for the target of Rs2750 maintaining the stop loss at Rs2500.
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