Buy VIP Industries for a target of Rs. 800 for 3 months
The brokerage house has given a ‘Buy’ tag on the stock of VIP Industries and sees it to hit Rs. 800 levels in 3 months. At the current price level of Rs. 642.35, investors in the scrip may get potential upside of 24.54%.
Technical Observations on the stock of VIP Industries
Brokerage believes stock price of VIP is on the verge of breaking out from the symmetrical triangle. Primary trend of the stock is positive as it is trading above its 50, 100 and 200 day EMA. Stock price has broken out on the monthly chart.SI and MFI oscillator is placed above 50 and rising upwards, indicating strength in the current uptrend.So, given the above technical observations, the brokerage recommends to buy shares of VIP at the current market price of Rs. 643.5 and average at Rs. 600 for the upside target of Rs. 721 and Rs. 800, maintaining a stop loss at Rs. 580.
About VIP Industries:
VIP Industries is a small cap luggage entity. The company’s product line comprises moulded luggage, soft luggage as well as ABS luggage that includes briefcases, suitcases, handbags, carry bags and vanity cases. The company’s brands include Caprese, Skybags, Carlton, Aristocrat among others.
Buy Network 18 for a target of Rs. 100 for 3 months
Keeping a stop loss at Rs. 77, the brokerage recommends to buy the scrip of Network 18 for a target of Rs. 100 for 3 months. Given the current price of Rs. 81.65, investors in the scrip would be able to get a potential upside of 22.47%.
Technical observations on the Stock of Network 18 as per the brokerage
The stock of Network 18 has corrected from a high of Rs. 115 scaled in December 2021. Recently the scrip found support at the 72 levels in March 2022 and this week it broke out of the Rs. 76-81 range given the healthy volumes, which is indicative of the fact that the stock is poised to continue its intermediate uptrend. Also daily momentum indicators like the 14-day RSI is also picking up, likewise, the relative strength comparative indicator too is moving higher. So, given the technicals, brokerage sees the stock of Network 18 to move higher over the coming weeks.
The stock picks are taken from the brokerage report of HDFC Securities. Markets are highly volatile and uncertain, investors should do their own due diligence before taking any risky bets and not construe the story as an investment advice in these stocks.