Welspun Corp is showing a promising range breakout setup on the daily timeframe after several months of sideways consolidation. The stock has been trading between ₹830–₹985, forming a well-defined accumulation base within this horizontal range.
After multiple rejections from the upper trendline and support retests near the ₹830 zone, the stock has recently broken above the short-term falling trendline, accompanied by rising volume and bullish candles, indicating early signs of momentum shift.
The 20 EMA has crossed above the 50 EMA, confirming a short-term bullish crossover. Price action also suggests that the lower range around ₹830–₹850 has acted as a strong accumulation zone, with buyers defending it multiple times.
🎯 Key Levels:
CMP: ₹898.10 (+2.32%)
Support Zone: ₹830 – ₹850
Resistance Zone: ₹980 – ₹1,000
Breakout Trendline: Crossed around ₹880
Potential Target: ₹985 – ₹1,000 (Upper range test)
Stop-Loss (Swing Basis): Below ₹825
📈 Technical View:
The breakout above the falling trendline indicates renewed strength.
Volume expansion during the recent move confirms buyer participation.
EMA alignment is turning positive, hinting at potential short-term trend reversal.
A close above ₹910 could accelerate a move toward ₹980–₹1,000 zone.
🧠 View:
Sustaining above ₹880–₹890 zone could trigger a continuation move toward the upper end of the range near ₹985–₹1,000. Watch for volume confirmation and a strong daily close above resistance for positional entries.
After multiple rejections from the upper trendline and support retests near the ₹830 zone, the stock has recently broken above the short-term falling trendline, accompanied by rising volume and bullish candles, indicating early signs of momentum shift.
The 20 EMA has crossed above the 50 EMA, confirming a short-term bullish crossover. Price action also suggests that the lower range around ₹830–₹850 has acted as a strong accumulation zone, with buyers defending it multiple times.
🎯 Key Levels:
CMP: ₹898.10 (+2.32%)
Support Zone: ₹830 – ₹850
Resistance Zone: ₹980 – ₹1,000
Breakout Trendline: Crossed around ₹880
Potential Target: ₹985 – ₹1,000 (Upper range test)
Stop-Loss (Swing Basis): Below ₹825
📈 Technical View:
The breakout above the falling trendline indicates renewed strength.
Volume expansion during the recent move confirms buyer participation.
EMA alignment is turning positive, hinting at potential short-term trend reversal.
A close above ₹910 could accelerate a move toward ₹980–₹1,000 zone.
🧠 View:
Sustaining above ₹880–₹890 zone could trigger a continuation move toward the upper end of the range near ₹985–₹1,000. Watch for volume confirmation and a strong daily close above resistance for positional entries.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.