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Published on 12/10/2018 4:55:32 PM | Source: Choice Broking Pvt Ltd

Buy Welspun Enterprises Ltd For Target Rs.140.00 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Trading Report #Welspun Enterprises Ltd. #Choice Broking

*  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.

 

Recommendation

Buy Welspun Enterprises Ltd @ 125.50-126.50 Stoploss 119.90 Target 140

 

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