Stock of the Day – VIP Industries

In 2008, VIP Industries made a high of 35.75 and in 2011, we saw the stock making a high of 205. Very few stocks can claim to have such a level of out-performance from the highs of 2008. From late 2011 though, the stock started to under-perform on a massive scale and at one point of time nearly came towards testing the high of 2008. 

The stock finally bottomed out in August 2013 at around 40 level and since then has been making a series of higher highs and higher lows. Today, the stock just blew past as it shot up by 18%. This move has come with massive volumes. The volumes not being seen as a Bulk Buy / Sell lends credence to the feeling that today’s move heralds the entry of some strong hands. 

While there is a series of obstacles (read Resistances) to overcome, the trend on the medium term has surely turned bullish.

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About Prashanth

Have been a full time participant in the stock markets since 1996. Run a Yahoo Group where focus is exclusively on discussions of the Indian Markets using Technical Analysis as the tool (groups.yahoo.com/group/technical-investor)
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