Way2Wealth has recommended 'Buy' on Wockhardt with target price of Rs 1,840 in its report.

Commenting on the investment rationale, the stock broker said, "Wockhardt has been a blockbuster candidate among mid-cap pharma counters in the past one year or so. The counter rallied from 337 level to 2000 mark in one stretch. Later on the vertical rise was followed by a steep decline and the counter reached back to 1200 odd levels. Now, given here is the weekly 'Heikin-Ashi' chart of WOCKPHARMA. The chart depicts that the corrective move halted exactly at the 50% FIB retracement level of the entire rally and is now back above 1400 levels. The important thing to notice over here is that the 'Heikin-Ashi' candle is changing its color from RED to BLUE. This is a super bullish sign coupled with positive placement of momentum oscillators. 

In addition, the Point & Figure chart too is hinting towards the foundation of new impulse above the 1,460 mark. Last but not least, as per the theory of moving averages we are observing a fresh crossover in ‘5 & 20 Day’ EMA which can add some fuel to the propelling move. Therefore, due to the mentioned technical evidences we are expecting a powerfully built rally in the coming weeks. We advise traders to go long in the stock only above 1,460 for an upside target of 1,840 in medium term."

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