Wockhardt - Downtrend resumes ?

With Pharma index failing to hold 8300 levles, looks like the pain in Pharma stocks is not yet over.

After a long downtrend, we can see that the stock price for Wockhardt NSE:WOCKPHARMA got rejected after retracing about 38.2% of the previous downmove.

I can also see that it broke the 23.6% level as well with a large bearish candle on Friday.

Good opportunity to short here with stop loss a few points above 684 for a first target around 608 levels.

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