One can look to go long around for a target of Rs.468 in the coming weeks. The stop loss can be placed at Rs 395.80.
It may sound an extremely contradictory call but looking at recent developments, we are inclined to do so. Due to recent sharp selloff, Wockhardt entered the deeply oversold territory.
On Wednesday, we witnessed a V-shaped recovery from its multi-year falling trend line support area. In the process, the stock prices went on to form a ‘Bullish Hammer’ pattern around it.
The said pattern has been confirmed on a closing basis and hence, we expect a good relief move in this counter. One can look to go long around for a target of Rs.468 in the coming weeks. The stop loss can be placed at Rs 395.80.Disclaimer: The author is Chief Analyst- Technical & Derivatives at Angel Broking. The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.