Stock to Watch for Tuesday: Vadilal Industries Limited

Vadilal Industries Limited has formed a double bottom formation on the weekly charts between 624 and 555 over the last three weeks. The price has rallied on above average volumes indicating buying participation in the stock and is now trading at breakout levels.

The price has given a breakout on the upside from Bollinger Band indicating a continuation of the uptrend breakout on the daily charts. We recommended traders to take long positions in VADILALIND in the range of 618-621 for the target of 635-650 with a stop loss below 599.

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Market Commentary:

•Prabhir Jha, one of the key member of Cipla’s top management who was heading Human Resources, Corporate Communications, Administration, Legal & Corporate Affairs announced his exit on April 1

•Hinduja Group flagship firm Ashok Leyland on Monday reported a 4 percent decline in total sales at 21,535 units in March this year as against 22,453 units during the same month of the previous year.

News High Lights:

TATAMOTORS, HINDALCO, BHARTIARTL, WIPRO, MARUTI were the top gainers among Nifty 50 stocks while ZEEL, UPL, EICHERMOT, IOC, INDUSINDBK were the top losers.

The Sensex touched a record high of 39,115.57 during the day, while Nifty also closed above 11,650 levels.

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