Todays Pick

VIP Industries (₹410.3): Buy

Yoganand D BL Research Bureau | Updated on June 14, 2021

Investors with a short-term perspective can buy the stock of VIP Industries at current levels. Following a corrective short-term downtrend in the month of March and April this year, the stock found support at around ₹320 in late April and continued to trend upwards. Since then, the stock has been in a short to medium-term uptrend. Moreover, the long-term trend has been up for the stock since it took support at around ₹200 in late May 2020. On Monday, the stock jumped 5 per cent accompanied by above average volume and has breached a key long-term resistance at ₹400. This rally has strengthened the long-term uptrend as well as the bullish momentum. Both the daily as well as the weekly price rate of change indicators are hovering in the positive terrain implying buying interest. There has been an increase in volume over the past trading session. The daily and the weekly relative strength indices feature in the bullish zone backing the uptrend. Outlook is bullish for the stock. Short-term targets are ₹427 and ₹435 levels. Traders can buy the stock with a stop-loss at ₹402 levels.

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

Published on June 15, 2021

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