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Sell Welspun Corp; target of Rs 195-192: Aditya Birla Money
Aditya Birla Money is bearish on Welspun Corp and has recommended sell rating on the stock with a target of Rs 195-192 in its April 19, 2011 research report.
Aditya Birla Money is bearish on Welspun Corp and has recommended sell rating on the stock with a target of Rs 195-192 in its April 19, 2011 research report.
"Welspun Corp, prices lost ground sharply and closed below the 200-day EMA in yesterday's session. The 14-day RSI is turning down towards the equilibrium after showing negative divergence while the Stochastic (14, 3, 3) has made a bearish crossover and is easing out of the overbought territory. As the prices also closed comfortably below the rising trend line sentiment is likely to remain mixed to weak towards support near Rs 192/189 in the short-run."
"On the higher side, 200-day EMA near Rs 208 and yesterday's high of Rs 214 will act as immediate resistance levels. Only an early close above the latter could negate the expected weakness and extend the prevailing positive tone above Rs 220 subsequently. Sell Welcorp initially below Rs 203 and then on any rise to Rs 207, with a closing stop of Rs 212 and for a possible target of Rs 195/192," says Aditya Birla Money research report.
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