Buy Welspun India, target Rs 106: Krish Subramanayam

Krish Subramanayam, Altamount Capital recommends a buy rating on Welspun India with a target price of Rs 106 and a strict stop loss placed at Rs 98. The stock has lost 88 per cent so far in the calendar year 2016. The stock is looking bearish on the charts.

Welspun India is a high beta stock (1.09) and is trading well above its 50-day, 100-day and 200-day moving averages placed at Rs 101.45, Rs 99.69 and Rs 90.28, respectively, as per data collated by ETMarkets.com. The stock is trading with a P/E of 16.98 and P/B of 0.72.