VIP Industries might give a big pullback: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on VIP Industries.

ET Now: Is the bull market for VIP Industries now over?

Mitesh Thacker: We just bought VIP. That is to begin with a disclaimer. I have been negative on consumption stocks and I was looking at VIP, a final target at around 100 mark which is the prelisted price of 500 where the stock had consolidated for a very long time.

It has made a low of about 110, kind of reversed strongly. My sense is that it might give a big pullback because if you see the last 5 weeks of price history data, it has fallen from levels of 180 plus to about 110 plus. Intraday signals are now turning on the buy side. So we are in for a pullback.