The analyst said that Welspun Corp shares show potential for further gains with key support near ₹750.
Welspun Corp Ltd continues to climb in a robust technical uptrend as it approaches a significant resistance zone, with a potential breakout setup visible on the weekly chart, according to SEBI-registered analyst Manish Kushwaha.
At the time of writing, Welspun Corp shares reached an all-time high of ₹915.05, up 2.2% or ₹20.05 on the day.
The analyst said the stock remains within an upward-sloping trading channel, with its price moving closer to the range's upper boundary, which serves as resistance.
Kushwaha noted that strong volume support for an upward breach of this level would signify ongoing bullish momentum.
According to Kushwaha, volume spikes during breakout candles demonstrate that the market is actively participating.
The Relative Strength Index (RSI) stands at 60.95, indicating potential for additional upward movement before reaching overbought levels.
The level of ₹750 matched the 38.2% Fibonacci retracement level, which Kushwaha identified as a significant support zone.
He added that if prices exhibit a shallow return to this level, it would confirm the ongoing bullish trend.
Adding to the outlook, SEBI-registered analyst Sameer Pande pointed to a positive breakout on monthly charts, with an RSI around 71, suggesting the stock is poised to make new highs.
The analyst added that momentum is supported by ADX and RSI indicators on the daily charts, with strong support identified between ₹830 and ₹820.
Pande recommended a stop-loss on a closing basis at ₹810 to manage downside risk.
On Stocktwits, retail sentiment was ‘neutral’ amid ‘high’ message volume.
The stock has risen 12.6% so far in 2025.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<