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The short-term outlook is bullish for V-Guard Industries. The 3.4 per cent rise on Monday has strengthened the upmove. This rise has taken the stock well above the key resistance level of ₹269. There is a possible inverted head and shoulder bullish pattern also. All these strengthen the bullish case. The level of ₹269 will now act as a good resistance-turned-support level. Below that ₹265 is the next important support. V-Guard Industries’ share price can rally to ₹295 and even ₹305-310 over the next two-three weeks.
Traders can go long now. Accumulate on dips at ₹268. Keep the stop-loss at ₹263. Trail the stop-loss up to ₹278 as soon as the stock moves up to ₹284. Move the stop-loss to ₹286 when V-Guard Industries’ share price touches ₹291. Exit the long positions at ₹295.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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