Target of 165 on Orchid Chemicals: Ashuu Kakkarr

Ashuu Kakkarr, Technical Analyst, Market Strategist, www.ashuukakkarr.com, talks to ET Now on pharma companies.

Would you prefer Orchid Chemicals vis-à-vis the other pharma companies?

At this point of time, Orchid Chemicals had made a low of on 25th May around 130. It is trying to give you a technical pullback.

Some kind of sideways consolidation is happening on the charts. It can move up to 150 to 155 and once it sustains the 155 mark, I would put in more trades into the stock for a target of 165 to maybe 172 on the long side.

Key supports to watch for it on a short term basis would be 138 and the rock bottom support should be 130. The stock splits below 130, then one should sell the stock and come out of it. Otherwise one can see a target of 150-155.