BT/ST call for Welspun Corp: Ashwani Gujral
Welspun Corps there must be some news but these moves need to be sustained and it needs to move up much higher at least 15% to 20% higher.
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| Updated: Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, talks to ET Now on Excel Crop Care and Welspun Corp.
On the charts Excel Crop Care and Welspun Corp?
Excel Crop Care has declined from 320 right down to about 120. Now this news flow needs to take it above say about levels of 165-170 and only then you can say that the downtrend is over. Similarly with Welspun Corps there must be some news but these moves need to be sustained and it needs to move up much higher at least 15% to 20% higher, so from here you need to cross those 90-95 type of zones before you can say that this has bottomed out. We saw what happened with news flow in Pantaloon, so it is a bit difficult to buy stocks just because they are up one day 10%-12% based on news flow but yes it is a BT/ST call and may be can do well till tomorrow.
On the charts Excel Crop Care and Welspun Corp?
Excel Crop Care has declined from 320 right down to about 120. Now this news flow needs to take it above say about levels of 165-170 and only then you can say that the downtrend is over. Similarly with Welspun Corps there must be some news but these moves need to be sustained and it needs to move up much higher at least 15% to 20% higher, so from here you need to cross those 90-95 type of zones before you can say that this has bottomed out. We saw what happened with news flow in Pantaloon, so it is a bit difficult to buy stocks just because they are up one day 10%-12% based on news flow but yes it is a BT/ST call and may be can do well till tomorrow.
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