If dollar gains, pharma stocks can rally: Devangshu Datta

Devangshu Datta, Technical Analyst and market expert speaking to Surabhi Roy says it's dangerous to short pharma sector despite over-valuations.

Shares of pharmaceutical companies have succumebed to selling pressure on account of profit booking after touching a lifetime high in trade on Friday. Dr Reddy's Labs, Sun Pharma and Cipla have slippeed between 2-3%.

Devangshu Datta, Technical Analyst and market expert speaking to Surabhi Roy says dangerous to short the sector despite over-valuations.

SmartInvestor: Nifty has succumbed to selling pressure and is trading below 6,225 mark. What is your advice for investors to trade in Nifty?

Devangshu Datta: Trend appears bearish so I would prefer to be short.

Devangshu Datta: Stop loss at 6225 for long positions. Stop loss at 6280 for short positions. Breakouts/ breakdowns could go till 6175/ 6325.
 

SmartInvestor: BSE Capital Goods index is the top sectoral loser, down over 1%. What's your view on BHEL and L&T?

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