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The fall in the VIP Industries could be coming to an end. Strong supports are at ₹545 and ₹540 which can halt the current fall. Though a test of these supports is possible in the near-term, a fall beyond ₹540 is less likely. A bounce from the ₹545-540 support zone can take VIP Industries share price up to ₹575-580 over the next two-three weeks.
Traders can go long now. Accumulate on dips at ₹547. Keep the stop-loss at ₹538. Trail the stop-loss up to ₹562 as soon as the stock moves up to ₹568. Move the stop-loss further up to ₹570 when the price touches ₹574. Exit the long positions at ₹580. This bullish view will go wrong if the price declines below ₹540. In that case ₹510-500 can be seen on the downside.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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