Sell Welspun Corp, says Sanjay Vaid of SBI Capital.
Vaid told CNBC-TV18, "Sell Welspun Corp. The Q1 results were impacted by lower dispatches of almost 30,000 tones of pipes therefore it was lower than the expected sales volume for Q1 which surprises street. The stock has been not performing very well and is continuously in pressure and making new 52 week lows." He further added, "We had seen fresh built up of short positions in the stock on Friday also which OI going up and the cost of carrying declining. Therefore we expect that stock would go down. We expect that stock would hit a level of Rs 110.5 in the shorter term. Therefore we are recommending a sell in Welspun Corp with a target of Rs 110.5 and a stop loss of Rs 117.5."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!