Wockhardt can test Rs 380-381: LKP

Wockhardt can test Rs 380-381, says Kunal Bothra, Sr Technical Analyst, LKP.

Bothra told CNBC-TV18, "Wockhardt looks good because it manages to break its previous resistance of retracement of Rs 343-344 levels and now it is trading comfortably above that. Maybe a couple of days back it was taking some sort of minor resistance."
He further added, "If the stock manages to close above Rs 344 today, which I think it should because the volumes are also good you will see a rally till Rs 380-381 levels and that is where the critical test lies because most of these stocks for example even Wockhardt they are trading below that 200 DMA. If you look at the long term picture, it does not look attractive but for a couple of days if the stock manages to break Rs 380 and stays comfortably above that then the long term picture will be very handsome."
"You might see an upside above Rs 380; the long term picture would look good. You will see a physiological break of Rs 400 above Rs 380."