Wockhardt Pharma sees pattern breakout: CK Narayan
It is now seen making a fresh move higher on the charts.
By ET CONTRIBUTORS | Updated:
BCCL - Non Copyright
The prices are seen hugging the upper Bollinger Band, a good signal of ongoing momentum, Narayan said.
Pharma stocks are on the move and those from the small and midcap space are seen to be in good demand. Among the companies that are popular with both the investing as well as the trading set, one such stock is Wockhardt Pharma. It is now seen making a fresh move higher on the charts.
"We have a pattern that looks like a continuation invested head and shoulder pattern which is staging a breakout higher at the current levels of Rs 290. The target from this pattern is placed around the Rs 320 region, leaving a 10% room to the topside from current levels," CK Narayan, Technical Analyst and Contributor with ET NOW.
The prices are seen hugging the upper Bollinger Band, a good signal of ongoing momentum, Narayan said, adding that RSI readings too are positive and a buy is recommended with a stop at Rs 282.
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
