Stock Picks - Buy VIP Industries Ltd For Target Rs.655 - ICICI Direct
Technical Observations
* The share price of VIP Industries has witnessed a breakout above last three week consolidation range (|504-590) signalling resumption of uptrend and fresh entry opportunity
* The stock has formed a higher base above its 50 day EMA and has been holding above its since May 2021, suggesting inherent strength and augurs well for next leg of up move
* We expect the stock to maintain positive bias and head higher towards | 655 levels as it is the measuring implication of the last three weeks range breakout (| 590-516)
* The stock has immediate support at | 579 levels as it is the 50% retracement of recent up move (| 517-635)
* The breakout is accompanied by strong volumes of 22 lacs which is 3 times its 50 day average volume of 8 lacs share per week.
* The daily MACD has generated bullish crossover thus validates positive bias
Buy VIP Industries Ltd @ 603.00-612.00 TGT 655 SL 579
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