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The short-term outlook for the stock of VIP Industries is bullish. The stock surged over 7 per cent on Monday. That has taken it well above the key resistance level of ₹700. The region between ₹700 and ₹695 will now be a very good support zone, which can limit the downside. The stock can rise to ₹740-₹745 – the first resistance zone in the next one-two weeks. A break above ₹745 will pave way for a further rise to ₹790-₹800 over the next four weeks. Traders can go long at current levels. Accumulate on dips at ₹705. Keep the stop-loss at ₹678. Trail the stop-loss up to ₹725 when the stock moves up to ₹737. Move the stop-loss further up to ₹755 when the stock touches ₹765. Book profits at ₹780.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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