VIP Industries may rally to Rs 100, says Anil Manghnani, Modern Shares & Stock Brokers.
Manghnani told CNBC-TV18, "VIP Industries has hit some key levels on the downside. A lot of moving averages gone and hit the 50 month, I believe it's gone and hit even the 200 week moving average. So I actually believe that the stock has a trading bounce now in it. It's done a little too much on the downside. Rs 74- 75 is the recent low, so I think you keep that as your stop and I think back to Rs 90-95 and it can stretch to Rs 100. But I think its way overdue for a bounce now."
He further added, "Overall Sun TV remains volatile and weak, but I think in the last few days it's shown some good momentum, some good volume also. So I think the stock is due for a move on the upside. I have kept a stop strict at Rs 268, so it's not a big trade, but I still believe it can go back to Rs 300- 310 levels before again finding some major resistance. So it's a little bit of a punt but I think it's shown some good momentum in the last week or so."
