The shares of pharmaceutical companies are seen up amid volatility in the broad market next week, dealers said today. Ranbaxy is likely to rise further next week, with resistance at Rs 530. GlaxoSmithKline Pharmaceuticals is trying to breach the Rs 1,140 level, but may face selling pressure.
Cadila Pharma is seen range-bound, while Cipla’s pattern on the charts indicates that the stock is set for an upside, with a resistance at Rs 243.
IT stocks are seen moving in a range of 1-5 per cent because of the hazy business environment scenario.
Cognizant Technology Solutions cut its full-year earnings outlook on Thursday. This is not being viewed as a major negative for the Indian IT sector, but a confirmation of the uncertain business environment, an analyst said.
