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Sell Welspun Corp; target of Rs 175: Aditya Birla Money
Aditya Birla Money is bearish on Welspun Corp and has recommended sell rating on the stock with a target of Rs 175 in its March 21, 2011 research report.
Aditya Birla Money is bearish on Welspun Corp and has recommended sell rating on the stock with a target of Rs 175 in its March 21, 2011 research report.
"Welspun Corp, with its rise from Rs 143 to Rs 207 levels, Welcorp has retraced back almost 50% of its fall from Rs 275 to Rs 144. Bearish small bodied candles formed in the last two sessions as prices approach the upper band of the rising channel and the 200 DEMA at 208 indicates that the Bulls are getting tired. A breach of immediate rising trend line support at 198 would lead to the short term trend turning negative pushing prices lower towards Rs 175 levels. Both daily and weekly stochastic have given a crossover from overbought zone confirming the weakness in prices. According to wave structure, Welcorp seems to have completed a five wave up move and thus a minimum 3 wave corrective down move towards Rs 175 seems likely. Sell Welspun Corp below Rs 198 for a target of Rs 175 with stopped placed above Rs 208 on closing basis," says Aditya Birla Money research report.
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