* On an hourly chart, the stock has given a breakout of its multiple resistance line which points out for a bullish move in the stock.
* On a daily chart, the stock has given a breakout of its downward sloping trendline which indicates that the stock may go up in coming trading sessions.
* Moreover, the stock is trading above its 21 and 50 Days Exponential Moving Averages which shows an upside rally in the counter.
* A daily momentum indicator RSI reading is at 40.56 level and trading above oversold zone with positive crossover which points out for a positive breath in the stock.
* Based on the above technical structure, we are expecting a good upside movement in the counter in few trading sessions.
Buy Welspun Enterprises Ltd @ 125.50-126.50 Stoploss 119.90 Target 140
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