Home / Markets / Stock Markets /  Anand Rathi sees 10% upside in this pharma stock in short term. Should you buy?

Wockhardt shares have remained under the sell-off heat since may 2021. The pharma stock made its closing low on NSE in May 2021 and then went on to hit new 52-week low of 201.50 on NSE in July 2022. However, the stock has given some upside movement in last one month, surging from around 220 to 253 apiece levels, delivering more than 15 per cent return to its shareholders. After the upside movement, Anand Rathi believes some strong upside in immediate term. The brokerage believes that the stock has strong support at 243 and it may go up to 279 from current levels of 253 apiece, giving more than 10 per cent return to the short term traders and investors in next 5- 10 trade sessions.

Highlighting the reason for being bullish on this global pharmaceutical and biotechnology company's stock, Anand Rathi research report says, "The stock Wockhardt has confirmed higher top and higher bottom formation on the daily and weekly chart after heavy correction." The brokerage said that last week Wockhardt shares have witnessed a major breakout and that too with significant spurt in its trade volumes.

"Till the time; the stock is trading above that mother candle we expect further upside in the stock and that too with faster momentum. Thus we advise traders to buy it in the range of 255 to 250 apiece with a strict stop loss of 243," Anand Rathi research report said while sharing its suggestion to positional investors in regard to Wockhardt shares.

Wockhardt share price history

Shares of this pharma stock has been under base building mode for long and now the stock has started signaling about ending this consolidation phase. In last six months, this stock has dipped near 20 per cent whereas in YTD time, it has slipped near 35 per cent, giving zero return in 2022. In last one year, this pharma stock has dipped from around 400 to 253 apiece levels, logging near 40 per cent slide in this period. In last five years too, this pharma stock has given zero return losing around 55 per cent in this period.

So, the stock is considered one of those stocks, which is available at an attractive valuations that can give strong strong upside after this long phase of consolidation.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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