Why HDFC Securities sees this multibagger stock to rise further in 3 months
Premium- The brokerage has recommended Buy on the multibagger stock that has surged around 118% in a year's period
Welspun India stock price was moving in a larger consolidation pattern in the last couple of months and is currently making an attempt to break above the range at ₹151-152 levels, highlighted brokerage house HDFC Securities in a note.
Sharing the multibagger stock, that has surged around 118% in a year, as its top e-marginal positional pick, HDFC Securities has recommended Buy with a target price of ₹168 per share and stop loss of ₹139.50 with time horizon of up to three months. “The overall chart pattern of Welspun India indicates long trading opportunity. One may look to create positional long as per the levels mentioned above."
The weekly timeframe chart of Welspun India Ltd indicates a sustainable upside bounce over the last two weeks, as per the domestic brokerage and research firm. “Hence, a sustainable move above the above the hurdle could be considered as a decisive upside breakout and that could open a sharp positive impact on the stock price ahead," the note stated.
The intermediate trend of the stock remains up as the stock price continues to sustain above weekly 10 and 20 period EMA (exponential moving average) in the last many months. Weekly 14 period RSI (Relative Strength Index) has moved above 60, which signal further strengthening of upside momentum in the stock price ahead, HDFC Securities added.
Welspun India is part of conglomerate Welspun Group with businesses in Line Pipes, Home Textile Products, Infrastructure, Warehousing, Steel, Oil & Gas, Advanced textiles and Flooring solutions. Welspun India is one of the leading textile companies in India with the company providing a wide array of high-end flooring solutions, including rugs, tiles, and carpets.
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The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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