Wait and watch for VIP: Mitesh Thacker
VIP has gone through a big correction from Rs 180 to about Rs 110. Rs 100-110 is a very strong support area on weekly charts.
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| Updated: Mitesh Thacker, Technical Analyst, miteshthacker.com, in a chat with ET Now, gives his views on VIP
What is your view on VIP?
VIP has gone through a big correction from Rs 180 to about Rs 110. Rs 100-110 is a very strong support area on weekly charts, so my sense is that the decline is over. We are not seeing an uptrend develop yet but it is going through that sideways phase when you will get bounces from lower levels and then we might see an upside breakout, so as of now VIP is one stock, which I would keep a very close watch for the next few weeks.
What is your view on VIP?
VIP has gone through a big correction from Rs 180 to about Rs 110. Rs 100-110 is a very strong support area on weekly charts, so my sense is that the decline is over. We are not seeing an uptrend develop yet but it is going through that sideways phase when you will get bounces from lower levels and then we might see an upside breakout, so as of now VIP is one stock, which I would keep a very close watch for the next few weeks.
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