Prefer Glenmark to Ranbaxy: Sandeep Wagle

In a chat with ET Now, Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, aptartindia.com, shares his stock ideas.

How do Ranbaxy and Glenmark look on the charts?

I would definitely prefer Glenmark to Ranbaxy because Ranbaxy gave a breakdown three or four days back when it broke the Rs 450 level and cracked down to around Rs 414. For me every rally in Ranbaxy to Rs 455-460 is a level to sell and the target could be somewhere around Rs 410-415.

Glenmark is sideways. I do not think it will break Rs 270. On the upside, Rs 310 will be a very strong resistance and the moment it breaks Rs 310, it will go to Rs 340-345. So, I would go with Glenmark but wait for a break out of Rs 310 levels.