Lupin heads toward Rs 1,700 level: Tushar Mahajan, Nomura

In a chat with ET Now, Tushar Mahajan, Nomura, HD-Derivatives - Listed F&O, shares his views on pharma stocks.

ET Now: Pharmaceutical is now becoming a tricky pocket. How do you pick pharma stocks?

Tushar Mahajan: Purely going by the trading patterns that we have seen, Sun Pharma was the one which was holding up well till Monday. I do not know why, but there was a negative reaction to the stake sale by Daiichi in the pharma major across the pharma counters.

Stocks such as Lupin and Cipla would probably continue to trade with a negative bias. Lupin is probably heading down towards Rs 1,700-odd levels. Cipla too is becoming a 'SELL'call from traders' perspective, given the way it broke down all patterns on Monday.