Welspun India technicals and Fundamentals looks good on both fronts, and the company can see subsequent growth in revenues in near future bcoz of govt supporting policies to textile industries as well as ease in covid restrictions will directly benefit Welspun, as it's a good chunk of revenue, comes from Hospitality Industry.
I have mentioned the Target Price of...
Alert: Overbought Zone
We might see a slight fall can buy on Dips - strong support 143 level
1st Target: 162
2nd Target: 165
Since its broken its all time high - We need to wait and see if its a false alert
Welspun India looks good buy at 155 - 150 levels for the marked targets on the chart in the short term.
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Market already take support on the support line itself and showing green candle which is clear indication of taking a position of long. Profit target will be 169 to 170 rupees and stop loss order you can put on 119 rupees.
Welspun India - Long
Buy : ₹ 106 - ₹ 102.85
Target: ₹ 110, ₹ 115, ₹119.60
Support: ₹ 96.30 , ₹ 102.85
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Riding the Parallel Channel , it is close to the bottom of the channel where a reversal is expected.
Support of 50 MA just under it.
Expected : MACD crossover and RSI breakout and Price breakout.
Apart from this Crude oil chart is expected to give a massive breakout.
Welspun Corp has taken support on lower trend line on the weekly charts. Buying could be initiated in 133-136 zone. It is still trading in a channel. First Target would be 165 (approx 20 percent from current levels) . A weekly close above 165 could take the stock to 185/199 levels.
Simple Price Action Analysis.
Travelling in a channel.
Breakout after a consolidation forming a base however there was a rejection from the top as well.
Since the price is above the Ichimoku Cloud, it is safer to enter only when it closes above 458.
Disclaimer :- This is not any buy or sell recommendation. This is just my view on this counter. Kindly consult with your financial or investment advisor before investing. Thank You !!
There is a breakout generated in WELENT with good volume support.
Next Levels as Below :-
1st Resistance :- 140.00
2nd Resistance :- 175.00
3rd Resistance :- 195.00