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Investors with a short-term perspective can consider buying the stock of VIP Industries at current levels. The stock has been in a long-term uptrend since taking support at ₹70 in September 2015. Following a corrective medium-term downtrend, the stock found support at ₹171 in late July . Since then, the stock has been in a short-term uptrend. While trending up, the stock emphatically breached its 21- and 50-DMAs.
After testing the significant resistance at ₹200, the stock emphatically breached this hurdle by gaining 5.7 per cent on Monday. With this rally the stock appears to have clearly resumed its long-term uptrend as well. There has been an increase in daily volume over the past two trend sessions.
The daily and weekly relative strength indices feature in the bullish zone backing the uptrend. Moreover, the daily as well as weekly price rate of change indicators features in the positive territory implying buying interest. Overall, the short-term outlook is bullish for the stock of VIP Industries. Trader can buy with a stop-loss at ₹203. Targets are ₹216.5 and ₹221.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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