Hold VIP Industries: Shardul Kulkarni

Shardul Kulkarni of Angel Broking told CNBC-TV18, "From a short-term perspective VIP Industries looks little weak. If the stock falls below the levels of Rs 55 then a correction towards Rs 45 or Rs 44 levels is possible over the next 2-3 months. But so long as it stays above Rs 55 the situation is quite okay."

"One should place a stoploss at Rs 55 and hold on, but if the stock falls below Rs 55 exit from the longs. One can buy the stock at lower levels of around Rs 44-45 levels. As of now I would not say that it has reversed even on monthly or the quarterly charts, I would not recommend it for the long term," he said. At 11:36 hrs VIP Industries was quoting at Rs 58.65, up Rs 1.05, or 1.82 percent. It has touched an intraday high of Rs 59.65 and an intraday low of Rs 57.80. The share touched its 52-week high Rs 89.80 and 52-week low Rs 38.85 on 07 December, 2012 and 06 August, 2013, respectively. Currently, it is trading 34.69 percent below its 52-week high and 50.97 percent above its 52-week low. Market capitalisation stands at Rs 829.90 crore. Disclosure: It is possible that he has positions in the stock discussed and may have recommended them to his clients.