Hold on Welspun India for about Rs 78 for near-term. Once previous high of Rs 78-80 gets out, we will probably get into some bigger triggers but on the whole, very comfortable going long onto it, Rs 62 being a stop loss, says Rahul Mohindar, viratechindia.com.
Mohindar told CNBC-TV18, "Welspun India is showing up on the volume charts as a big spiker today and even price wise similar story from the December bottoms. Again 15-20% type of rallies we are seeing into it. So what is interesting in Welspun is that it seem to has broken out Rs 64, which was a resistance one was eyeing and this sets up about Rs 78 target on the stock. So you could be holding on for about Rs 78 if you are looking at near-term and the previous high was also closer to Rs 78-80. So once that gets out, we will probably get into some bigger triggers but on the whole, very comfortable going long onto it, Rs 62 being a stop loss on it." Welspun India touched an intraday high of Rs 68 and an intraday low of Rs 62.55. At 14:33 hrs the share was quoting at Rs 63.20, up Rs 2.60, or 4.29%. It was trading with volumes of 513,573 shares. Yesterday the share closed up 0.58% or Rs 0.35 at Rs 60.60.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
