Welspun Corp has target of Rs 120, says Sudarshan Sukhani, s2analytics.com.
Sukhani told CNBC-TV18, " Raymond has fallen; stocks that are weak and are now continuing to be weaker. Apparently that Rs 400 was a double-top and once a double top was confirmed and it started its downswing then we continue to be bearish on it till a reversal pattern is made. That's far away. There no sign. So Raymond was weak on Friday, has been consistently weak and should be sold into."
He further added, "Welspun Corp has rallied from Rs 60 to Rs 100 and it reached Rs 80-85 before we realized this is going on and that's fair because nobody catches the lows. But now there is a message that something is going on in this stock and it's making steady gains."
"It's at new 20 day highs. Even on Friday it made those new 20 day highs and that's bullish. I think it makes sense to go and buy it and once momentum starts in midcap stocks it can go much further. So Rs 120 is a target that is possible eventually."
Disclosure: I have long positions in Infosys . I have no personal holding in the above stocks.
