Wockhardt Pharma
We have seen sharp downfall in Wockhardt from 2005 to 625 and now trading around 730. On seeing Daily chart, Wockhardt is forming double bottom pattern along with it MACD and RSI too indicating positive diversion along with it 21 and 55 DEMA stood at 702.02 and 679 respectively.
Wockhardt has support at 680 and resistance at 720---730. Chances are unlikely to breach its support level of 680. Three consecutive closes + weekly above 730 will see sharp upside rally till 770--800 and then to 850+ mark in weeks to come.
If everything goes right then we will expect Wockhardt to test the upside level of 770--800 in this upside rally.
So traders don’t go for aggressive selling in Wockhardt and try to get an opportunity to buy at lower levels.
Trading Recommendation - Buy Wockhardt Pharma (Cash/ Future) above 730 Stop loss 680 for the upside Target of 770--800 and then to 850+ mark.
More will update soon!!
