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Investors with a short-term perspective can buy VIP Industries at current levels. The stock has been on an intermediate-term uptrend since its August 2013 low at ₹38. After taking support at its significant long-term base zone between ₹56 and ₹58 in late January, the stock started to move up. Its 200-day moving average too cushioned the stock in this region. The stock has decisively breached its key resistance at ₹70 recently. It is hovering well above its 50- and 200-day moving averages.
Further, on Wednesday, the stock surged 3.8 per cent with above average volume, reinforcing the bullish momentum. The indicators on the daily chart are featuring in the bullish zone, backing the uptrend. VIP Industries can extend its on going bull run in the short-term. The targets are ₹80.5 and ₹82. Buy the stock while maintaining a stop-loss at ₹75.7.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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