Welspun Enterprises- Shares of Welspun Enterprises remained under pressure during Friday’s trading session. The recent correction in the civil construction stock has come after a 12.82% rally over the last two weeks.
The recent surge in the stock over the last two weeks has raised chances of further upside in the stock, according to PL Capital’s technical analysis. According to the brokerage the stock has maintained a positive trend which is intact with recently witnessing some correction from the peak zone.
The brokerage sees nearly 12.6% upside potential in the stock considering its promising technical outlook. “The stock has maintained the positive trend intact with recently having witnessed some correction from the peak zone of 830 level and has taken support near the 625 zone forming a higher low pattern, thereafter, having a decent revival to improve the outlook to anticipate further rise in the coming days,” stated the brokerage.
The Relative Strength Index (RSI), which primarily indicates the momentum and stability of the stock’s current price trend, indicates a positive trend reversal to signal a buy from the oversold zone and the momentum can continue for some more time, according to experts.
“With the chart technically looking good, we suggest to buy the stock for upside targets of 785 and 835 levels keeping the stop loss of 650 level,” as per PL Capital.