Buy Welspun India Ltd., target Rs 120: Nirmal Bang Securities

Nirmal Bang Securities has buy call on Welspun India Ltd. with a target price of Rs 120. The current market price of Welspun India Ltd. is 109.25. Time period given by analyst is Intra Day, when Welspun India Ltd. price can reach defined target. Nirmal Bang Securities has recommended to keep stop loss at Rs 105. The stock is looking bullish on the charts.

Welspun India is a low beta stock (0.21) and is trading well above its 50-day, 100-day and 200-day moving average of Rs 103.45, Rs 97.82 and Rs 90.04, respectively, as per data collated by ETMarkets.com. The stock is trading with a P/E of 18.33 and P/B of 0.77.