VIPIND (VIP Industries)

Sep 5

Based on VIP industries chart a hammer candle formed at a support level. A hammer candle is typically considered a bullish reversal pattern, especially when it forms at the bottom of a downtrend, indicating potential buying interest and a possible reversal.

Breakout of Hammer Candle price has broken out above the hammer candle's high, which is another bullish sign. A breakout above the high of a hammer indicates a potential trend reversal from bearish to bullish.

price is also breaking above a downtrend line, which is another bullish indicator. This breakout suggests a potential end to the existing downtrend n the beginning of a new uptrend.

Higher than average volume would provide more confidence in the sustainability of the uptrend.


Buy at the current level of 515 the technical indicators suggest a potential buying opportunity. The breakout above the hammer candle with the trendline breach signifies that the stock might see further upside momentum. A potential target could be around the next resistance zone at approx 700 levels , which shows a potential ~ 4 0% upside.

Stop Loss for a safer trade, you can consider a stop loss below the recent support level or below the low of the hammer candle to minimize risk in case the trend does not sustain.

Kindly Note: Always consider other factors like market conditions, news, and company fundamentals before making a final decision it's just for study purpose
Thanks
X vijaigautam