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Technical Observations

* The textile stocks has outperformed during CY21. Within Textile space we remain constructive on welspun India which we expect to outperform

* The stock during current week trade has generated a breakout above the last two months range (|147-123) signaling a resumption of up move and offers fresh entry opportunity

* The base of the recent consolidation is placed at the 100 days EMA ( currently placed at | 137) signaling strength and a positive price structure

* We expect the stock to continue with its positive momentum and head towards | 160 levels in the coming weeks as it is the 80% retracement of the recent breather (|170-123)

* Among the oscillators the daily MACD has rebounded taking support above its nine periods average thus validates the positive bias

Buy Welspun India Ltd @ 144.00-148.00 TGT 160 SL 138

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