Welspun India share price was moving in a major consolidation pattern over the past few months and is currently attempting to break above the range. 151-152 levels, brokerage house HDFC Securities highlighted in a note.
share multibagger stockHDFC Securities, which has risen nearly 118% in one year, as its top E-Marginal positional pick, has a Buy Recommendation with a target price of Rs. 168 per share and stop loss of 139.50 with a time horizon of up to three months. “The overall chart pattern of Welspun India indicates a long trading opportunity. One can make a position long as per the levels mentioned above.”
According to the domestic brokerage and research firm, the weekly time-frame chart of Welspun India Limited indicates a sustainable bounce in the last two weeks. “Therefore, a perpetual move above the above hurdle could be considered a decisive upside breakout and could have a significant positive impact on the stock price,” the note said.
The stock has an intermediate trend as the stock price has remained above the weekly 10 and 20 period EMAs (exponential moving averages) over the past several months. HDFC Securities said the weekly 14-period RSI (Relative Strength Index) has crossed 60, indicating further strength in the stock price.
Welspun India is part of the Welspun Group with businesses in Line Pipes, Home Textile Products, Infrastructure, Warehousing, Steel, Oil & Gas, Advanced Textiles and Flooring Solutions. Welspun India is one of the leading textile companies in India, providing a wide range of high-end flooring solutions including Rugs, Tiles and Carpets.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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