On the charts, VIP Industries consolidated in the range of 500-518 levels for 15 days and formed a double bottom” on daily charts which is bullish in nature. Last days, the stock gained over 1 percent and has given the breakout of pattern.
The 50 days DEMA of the stock on the daily charts is currently at Rs 518.40 So buying momentum may continue for coming days. Therefore, we are recommending long positions in the range of 520-521 levels for the upside targets of 535-550 levels with a stop loss below 503.
GAIL, BPCL, INFRATEL, AXIS BANK,HCL TECH were the top gainers among Nifty 50 stocks while SUNPHARMA,YESBANK,ZEEL,EICHERMOT,SBIN were the top losers.
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