Stocks

Wockhardt can continue to trend upwards

Yoganand D, BL Research Bureau | Updated on September 12, 2019 Published on September 12, 2019

 

After hitting the upper price band on Wednesday, the stock of Wockhardt (₹338) started today's session with a gap-up open at 301. It recorded an intra-day low at ₹298 and continued to trend upwards extending yesterday's bullish momentum and has surged 16 per cent this session.

There has been an increase in daily volume over last two trading sessions. The stock has decisively breached the key resistance at ₹250 and ₹300 recently. It has potential to trend upwards. The current upper price band is at ₹349 which can be tested. Key supports are at ₹300 and ₹280 levels.

Traders can make use of intra-day dips to buy the stock while maintaining stop-loss at ₹298 levels. A strong rally above ₹350 can take the stock northwards to ₹370 and ₹390 levels in the short term

Published on September 12, 2019
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