Shares of Wockhardt have surged over 31% in six consecutive sessions. The stock had outperformed the market over the past one month, advancing 31.77% compared with 2.33% rise in the Sensex. The scrip had outperformed the market in past three months, increasing 31.35% compared with 8.93% rise in the Sensex.

However, the counter had underperformed the market in past one year, sliding 2.38% compared with 22.99% rise in the Sensex.

On the technical front, the stock’s daily RSI (relative strength index) stood at 86.47. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 173.26, 179.49 and 209.09, respectively. These levels will act as crucial support zones in near term.

Wockhardt is a global pharmaceutical and biotechnology company engaged into developing, manufacturing and marketing of finished dosage and biopharmaceutical formulations, active pharmaceutical ingredients (APIs) and vaccines.

The company reported a consolidated net loss of Rs 208 crore in the quarter ended March 2023 as against net loss of Rs 258 crore during the previous quarter ended March 2022. Sales rose 3.51% to Rs 678 crore in Q4 FY23 over Q4 FY22.