"Pharma is close to turning the corner. It might be a slightly contrarian call but when we look at the charts in the last couple of weeks, we just get the feel that the selling climax has already played out and that was triggered by a Divi’s Lab. If we look at some of the other names like an Alchem or even a Lupin or a Dr Reddy's, the downside is little, maybe 3% to 5% and the upside potential is 10%, 15%, 20%."