SP Tulsian of sptulsian.com spoke to CNBC-TV18 about the current trends in stocks market and outlook.

Speaking about Sun Pharmaceutical, Tulsian said, “This Mohali news is seen to be a negative. On Friday I had said that after seeing a good run up in the share price post good Q1 numbers, you have seen the stock having risen by about Rs 130-140. I was expecting it to correct by about Rs 30-40, but on Friday it corrected by about Rs 15 or so. So the stock should correct to a level of about Rs 635-640 which should be seen as a good support for the share price.”

On Axis Bank, Tulsian said, “If you take a fundamental call on the stock, price to book of 2.5 seems to be stretched because in fact the news of this Amitabh Chaudhry was seen coming in and was already known to the market. In fact the rise which you have seen in the share price by about Rs 150 in last couple of months post Shikha Sharma going away and the new CEO coming in from December 31 have largely factored in.”

“I think on all parameters Axis Bank is fully priced in. Maybe if any rally is seen on the sentimental of Amitabh Chaudhry coming in, should be used as a shift or as an exit opportunity,” he added.

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First Published:Sept 10, 2018 10:29 AM IST