Parag Doctor of Keynote Capital told CNBC-TV18, “Technically Wockhardt has had a sharp one day drop and it is not looking particularly good in the longer term charts. It started a longer term bear market, generally when stock loses more than 20 percent from its peak. We are hoping that there will be a technical bounce towards the Rs 1500 level or so because the stock has stopped around the 200-day moving average which is Rs 1090.”
“Averaging would not be at all advised especially in the midcap category of stocks because you don't know how low these kind of high beta stocks can go,” Doctor added.
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