Buy Welspun India, advises Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "We are right now in an environment where the market appears to be rewarding stocks which are showing signs of strength. Welspun India definitely falls into the category. This counter has met with buying interest after every decline but what I believe is that it had seen a fall in the month of August and also in the first week of September, thereafter this decline got arrested. It found support at 100-day moving average (DMA) and began a process of consolidation. Now this consolidation has taken shape of a bullish head and shoulder pattern. So, buy Welspun India for a target of Rs 970."At 15:25 hrs Welspun India was quoting at Rs 893, up Rs 44.55, or 5.25 percent. It has touched an intraday high of Rs 896 and an intraday low of Rs 841.20.