Welspun Corp, PTC India, Skipper: Technical Charts Suggest Near-term Pullback; SEBI RA Flags Key Levels To Watch

After a strong run in the last few weeks, technical indicators suggest that Welspun Corp, Skipper, and PTC India may be entering a short-term cooling-off phase. While their long-term prospects remain bullish, SEBI-registered analyst Rajneesh Sharma anticipates short-term pullbacks, with potential buying opportunities emerging on dips.

PTC India

PTC India shares have been trading within a broad rising channel since 2022, with key support levels around ₹160 - ₹165 and resistance between ₹204 - ₹236, Sharma said.

The stock is currently testing its long-term upper trendline resistance, a zone that has previously led to profit-booking. While the support near ₹160 remains strong, the immediate upside could be limited unless there’s a breakout above ₹205 with strong volume, the analyst said.

Overall, the analyst has a neutral to cautious view of the stock on a short-term basis.

The stock was up 1.5% at ₹181.96 at the time of writing. Year-to-date (YTD), PTC India has gained over 25% of its market value.

Retail sentiment on Stocktwits turned ‘bullish’ from ‘bearish’ a week earlier.

Welspun Corp

The stock has been in a steady long-term uptrend, moving within a well-defined rising channel for over a year, Sharma said.

Support is seen in the ₹850 - ₹870 zone. Investors should monitor this band closely, as it could serve as a strong accumulation area if the dip extends, he added.

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Welspun Corp stock is currently facing resistance near the upper boundary of the ₹950 – ₹970 zone. The relative strength index (RSI) is also returning from overbought levels, indicating a likely short-term exhaustion, the analyst noted.

While the short-term outlook suggests a healthy correction, the broader trend remains bullish.

At the time of writing, the shares were trading 3.2% higher at ₹943.45 and have registered YTD gains of over 16%.

Skipper

Skipper’s stock is currently showing signs of short-term exhaustion, despite its steady upward price movement, Sharma said.

A negative divergence in the Chaikin Money Flow (CMF) suggests that its buying momentum is weakening, even as the stock holds above its rising trendline.

Crucial support is seen around ₹460 - ₹480, while immediate resistance lies near ₹532.

The stock was down 1.78% to ₹502.3 at the time of writing.

Sharma kept a ‘neutral’ view in the short term, with the CMF divergence hinting at a potential sideways move. A convincing breakout above ₹532, supported by strong volume, will be crucial for the next leg.

Retail sentiment shifted to ‘bullish’ on Stocktwits from ‘neutral’ a week ago.

YTD, the shares have fallen 7.7%

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