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The stock of VIP Industries has been in a strong downtrend since the beginning of February this year. The stock has tumbled about 20 per cent since then. There is more room to fall. A test of ₹520-500 looks likely in a week or so. Traders can go short at current levels.
Accumulate shorts at ₹575 if an intermediate bounce is seen. Keep the stop-loss at ₹585. Trail the stop-loss down to ₹550 as soon as the stock falls to ₹540. Move the stop-loss further down to ₹540 when the share price touches ₹530. Exit the short positions at ₹520. The region between ₹520-500 is strong support. The chances are high for a reversal from the ₹520-500 support zone. So, traders have to exit the short positions at the above-mentioned level.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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