Short-term traders should go long on Wockhardt: Sukhani

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "We have seen strong stocks correct. That is not unusual. Everything that goes up goes through a correction. In case of Wockhardt, we saw a dramatic rally from Rs 400 to Rs 2000."

He further added, "Now this rally is going to end sometime and go through a period of consolidation, of correction. In case of Wockhardt the news triggered a correction. It is a correction still, Rs 1200 is still much higher than Rs 400, much higher than Rs 800. When you go 1600 points you correct 800 points; there is no big deal about it."
"However, the trend is intact. There is nothing to change the trend. Sometimes stocks react a little more than necessary to news. Wockhardt’s uptrend is intact. If that is so then the current prices are a good opportunity. Since this may or may not be right time for a short-term trader, it is certainly a perfect time for somebody who wants to build a position. Even short-term traders should go long in it. Just keep a stop loss," Sukhani added.