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Published on 23/10/2020 12:46:11 PM | Source: HDFC Securities Ltd

Technical Positional Pick - Buy Welspun Corp Ltd For Target Rs.150 - HDFC Securities

Posted in Broking Firm Views - Short Term Report| #Welspun Corp Ltd #HDFC Securities #Trading Report #Steel

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Technical Positional Pick - Buy Welspun Corp Ltd For Target Rs.150HDFC Securities

Observations:

* Stock price has broken out from the symmetrical triangle on the daily line chart

* Accumulation is seen from the month of August month where Volumes are higher during up days

* Stock price is forming bullish higher top higher bottom formation on the daily chart since March month

* Oscillators like MFI & RSI is showing strength in the current uptrend of the stock

* Short term trend of the stock is positive where price has closed above its 5 and 20-day SMA

* Considering the Technical evidences discussed above, we recommend buying the Welspun Corp between 116.4-119 and average at 10, for the upside targets of 131 and 150, keeping a stop-loss at 104

Buy Welspun Corp Ltd @ 116.4-119 Up to 3 Months CMP 116.4 TGT 150 SL 104

 

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