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BL Research Bureau
The short-term outlook for the stock of VIP Industries is bullish. It had risen over 2 per cent on Tuesday and is up about 8 per cent for the week. The strong surge this week has taken the stock well above its key resistance level of ₹708. The region between ₹710 and ₹708 will now act as a good support. Dips to this support zone is likely to attract fresh buyers limiting the downside. The stock can target ₹810-₹815 on the upside in the next one-two weeks.
Traders with a short-term perspective can go long at current levels. Accumulate longs on dips at ₹715 with stop-loss at ₹695. Trail the stop-loss up to ₹755 as soon as the stock goes up to ₹775 and move further up to ₹780 when it touches ₹795. Book profits at ₹805.
The bullish outlook will get negated only if the stock falls decisively below ₹708. Such a fall can drag it down to ₹680-₹670. But that looks unlikely as the support in the ₹710-₹708 looks strong.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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