Welspun Corp Limited (WELCORP) Stock - Complete Technical Analysis - Sep 06, 2024

Welspun Corp Limited (WELCORP) Stock Analysis: Support, Resistance, and Key Indicators NSE Techni

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Welspun Corp Limited (WELCORP) is currently trading at 680.30, marking a significant 9.29% drop from its 52-week high of 750.0, which was recorded on August 27, 2024. Conversely, it stands 106.09% above its 52-week low of 330.1, seen on September 5, 2023. The stock is facing key support around the 661.50 mark, which aligns with its 50-day Exponential Moving Average (EMA), and further support can be expected near 624.24, the 100-day EMA. Resistance levels are evident around 693.32, the 20-day EMA, and a stronger barrier is at 704.61, the 10-day Simple Moving Average (SMA).

Technical indicators reflect mixed signals. The MACD is currently bullish, suggesting potential upward momentum. However, the RSI is neutral, indicating neither overbought nor oversold conditions. The ADX is showing a strong trend, which could imply continued directional movement. Stochastic indicators suggest that the stock is in an oversold condition, which might present buying opportunities. The Awesome Oscillator is positive, supporting a potential uptrend.

The Ichimoku Base Line is providing a reference point around 675.30, which is crucial for assessing short-term trends. Additionally, the Hull Moving Average is at 688.58, hinting at a potential resistance level. Given the stocks current positioning, traders should watch for any breakout above the key resistance or a fall below the support levels to gauge the next move. Monitoring these indicators can provide a clearer picture of the stock's trajectory in the near term.