The pharma space has come into the limelight in the last couple of weeks after multiple USFDA approvals were observed for Indian pharma companies. We believe the outperformance in this space will continue and current decline in stocks like Cadila Healthcare provides another opportunity to create long positions. Like most stocks, open interest in Cadila also reduced sharply during the profit booking in March. The stock witnessed more than 50% closure in OI since February as it has come down from almost 9 million shares to just 4 million shares at the inception of the April series. In the recent sharp up move, fresh open interest has been added but the total OI is still lower and is at multi-month lows.
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