Won't suggest any long positions in Wockhardt: Amit Harchekar, IIFL

Amit Harchekar, Sr. technical Analyst, IIFL, in a chat with ET Now talks about Wockhardt.

In the past 1 week, Wockhardt has shown significant up move. Today as well, the momentum carries forward. Do you think after showing such a sharp move on the upside, it still has headroom to go up further?

The stock is trading at a resistance of a rising wedge pattern which is again a bearish sign. However, in case we have a violation of the resistance which comes in the range of 345-350 and in case the stock is able to close above that, we might see this rising wedge pattern getting negated and the uptrend in this counter could continue all the way towards 385-390 levels.

So at present I would not suggest any long positions in this counter but if you are holding on long positions, I would suggest a stop loss of 315.