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Welspun Corp share price has been fluctuating within a range since the beginning of this year. It was largely oscillating between ₹500 and ₹610. But a fortnight ago, the stock broke out of the resistance at ₹610, bringing back the upward momentum. While there was a decline in price last week, it is likely to be a corrective dip. We expect the stock to resume the rally either from the current level of around ₹630 or after extending the dip to ₹610.
The chart shows a potential upside to ₹700 in the near-term. So, buy at ₹630 and accumulate at ₹610. Place stop-loss at ₹580. When the price rises above ₹660, alter the stop-loss to ₹620. Raise the stop-loss further to ₹650 when the stock hits ₹680. Exit at ₹700.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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