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?
Click here for full transcript
