Stock Picks - Buy VIP Industries Ltd For Target Of Rs. 405 - ICICI Direct
Technical Observations
* The stock has bounced after forming a higher base above earlier breakout area of 334. we expect stock to resolve above ongoing consolidation (| 334 to 387) and accelerate upward momentum in coming sessions. Thus offering fresh entry opportunity
* The stock has undergone slower pace of retracement as over past nine weeks it retraced merely 38% of preceding 6 weeks up move (| 270-379), indicating inherent strength.
* The stock has been holding above its 10 week EMA since May 2020, highlighting elevated buying demand that augurs well for next leg of up move
* We believe, the stock has immediate support at | 352 levels as it is 50% retracement of the current up move (| 310 to 387)
* We expect stock to continue with its current momentum and head towards | 405 levels in coming sessions as it the 138.2% external retracement of recent decline (| 387 to 334)
Buy VIP Industries Ltd @ 369.00-375.00 TGT 405 SL 352.00
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