Buy Suven Life Sciences on decline as a 2-3 month move: Hemen Kapadia

Hemen Kapadia, CEO, chartpundit.com in a chat with ET Now gives his take on Piramal Life Sciences or a Suven Life Sciences.

If a trader when the rally started in Piramal Life Sciences or a Suven Life Sciences had entered this counter. Obviously they made handsome profits but what is the role forward?

I will take a small caveat on this one. Piramal has moved brilliantly but it is a relatively new listing. We are in a distinct uptrend but difficult to take a bigger call in that. In terms of Suven Life Sciences, it looks good. We seem to be on the verge of commencing an intermediate uptrend which could convert into a longer term uptrend also and this is after the stock has consolidated for 3-5-6 months, this is 7th months where it is making a move.

38 on the weekly charts at a very importantly level if that gets taken out. Eventually it will. That gets taken out, we are heading for a price target of not only 45. We could move up to 52 also. Suven looks good. It is probably worth buying on decline but this is going to be maybe a two-three month move. I do not think it is going to be a two week move.