The stock of VIP Industries has recently corrected well and has almost reached the trendline support near 280 levels
The stock has recently bottomed out near 90 levels and has picked up momentum to improve the bias. It almost moved past the 200- DMA to indicate strength and potential to rise further in the coming days. With the RSI indicator also on the rise, improving the trend, we suggest to buy and accumulate the stock for an upside positional target of 115-120 keeping the stop loss near 88.
BUY VIP INDS | CMP: Rs 289 | TARGET: Rs 330-340 | STOP LOSS: Rs 275
The stock has recently corrected well and has almost reached the trendline support near 280 levels where we anticipate bottoming out and are expecting a reversal as we have witnessed in the past. The stock is well placed with the RSI also correcting and is in consolidation form to gather strength. We suggest to buy and accumulate this stock for an upside target of 330-340 keeping the stop loss 275.
Disclaimer: The author is an analyst with Prabhudas Lilladher. She may have positions in one or more stocks mentioned above. Views are personal.