Would book partial profits on Ranbaxy: Sameer Shetye, AK Stockmart

Sameer Shetye, Derivatives & Technical Analyst, AK Stockmart in a chat with ET Now talks about Ranbaxy.

Do you think Ranbaxy has got the headroom to go up further and how much do you think it is a a fair upside target for Ranbaxy?

Ranbaxy has been moving in a upward rising wedge and has taken resistance at upper trend line of the wedge at close to 620 levels. Also on the daily charts if I look at statistic oscillators, they have given a sell signal on the Ranbaxy. So I would be cautious and book partial profits on Ranbaxy at close to 618 to 620 levels.

Then if the stock moves up above 624 on good volumes, then I would like to re-enter Ranbaxy but then at this stage I would like to book my partial profits at close to 618-620 levels.