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Technical Observations

* The share price of VIP Industries resolved out of 2.5 years falling resistance trend line backed by above average volumes, indicating conclusion of corrective bias that in turn signifies resumption of primary up trend. Thereby offering fresh entry opportunity

* In the process, stock logged a resolute breakout from six months consolidation (422-305), indicating rejuvenation of upward momentum that augurs well for stock to resolve higher and head towards our target of 455 as it is 80% retracement of entire CY-20 decline (520-202)

* Meanwhile, we do not expect stock to breach the key support of 382 as it is confluence of 50 days EMA coincided with past three weeks low of 380

* On the oscillator front, weekly MACD logged a bullish crossover while sustaining above zero line, indicating acceleration of upward momentum

Buy VIP Industries Ltd @ 403.00-415.00 TGT 455 SL 382

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