The upmove in the stock of Welspun Corp has gained momentum. The stock has surged about 6 per cent on Monday thereby ending the sideways consolidation that was in place since mid-July. It also indicates that the upmove has resumed. Immediate support is at ₹680. Below that, ₹668 is the next important support. Welspun Corp share price can rise to ₹735 in the next couple of weeks.
A break above ₹735 can take the share price further up to ₹765. Traders can go long now at ₹696. Accumulate on dips at ₹682. Keep the stop-loss at ₹665 initially. Trail the stop-loss up to ₹701 as soon as the stock moves up to ₹710. Move the stop-loss further up to ₹718 when the share price goes up to ₹726. Exit the long positions at ₹735.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)