Shitij Gandhi
From the last eight weeks, VIP Industries has been consolidating in a range of Rs 370-430 before witnessing a fresh breakout this week above a Bullish Flag formation on the daily charts.
The breakout above the pattern formation can be seen along with hefty volumes which clearly indicates the strength in the current trend.
Traders can accumulate the stock in a range of Rs 440-445 for the target of Rs 495 with a stop loss below Rs 410.
Disclaimer: The author is Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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