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The short-term outlook for Welspun India is bullish. The stock fell over 3 per cent on Thursday. But that has not changed the structure and the trend on the charts. The recent fall could just be a short-lived correction. Immediate support is at ₹158. Below that ₹151-150 is the next strong support. We can expect the stock to reverse higher again either from ₹158 itself or from near ₹151-150.
That will take Welspun India share price up to ₹192 over the next one month. Short-term traders can buy the stock now. Accumulate on dips at ₹159 and ₹154. Keep the stop-loss at ₹147. Trail the stop-loss up to ₹166 as soon as the stock moves up to ₹171. Move the stop-loss further up to ₹175 when the price touches ₹181. Exit the long positions at ₹190.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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