5. Welspun Corporation

Sudarshan Sukhani of s2analytics.com is bullish on the shares of Welspun Corporation.

Welspun Corporation (WCL), formerly Welspun Gujarat Stahl Rohren, is engaged in the business of steel products. WCL, along with its subsidiaries, is engaged in the business of production and coating of high grade submerged arc welded pipes, energy and power generation, hot rolled steel plates and coils, oil and gas exploration infrastructure.

As told by Sukhani to CNBC-TV18, Welspun Corp. has already moved up from 60 to 150 and that tells us that there is a lot of momentum in these stocks. It also went through a very shallow correction. So, shallow corrections are indicative of the fact that there is more upside. A deeper correction is not going to come now. It is probably pending for some other day, so momentum is on its side.

The chart patterns suggest there is probably more upside before it starts consolidating. So it's probably a very good intraday trade also. If it opens in the morning and crosses its initial half an hour or 15 minutes highs for Mercator and Welspun - both, they should be looking back for intraday trading.

Currently, Welspun Corp. is being traded at 139.60 in the stock market. Its 52 week high has been 216.65 and 52 week low was 64.70. It is currently being traded at an average volume of 789,268.