Vaibhav Global Ltd., headquartered in Jaipur, India, has carved a unique niche for itself in the global retail industry. Founded by Sunil Agarwal in 1980, the company’s distinctive business model focuses on manufacturing, wholesaling, and retailing fashion jewelry and lifestyle products through its proprietary TV shopping and web platforms. Beyond jewelry, they also offer home textiles, kitchenware, and cosmetics. With an impressive portfolio of brands like Rhapsody, ILIANA, J FRANCIS, ELANZA, Karis, EON, Strada, and Genoa, Vaibhav Global Ltd. has become a significant player in the US and UK markets.
A recent analysis of Vaibhav Global Limited (VGL) stock’s performance from August 29, 2023 (at Rs 470) to September 14, 2023 (at Rs 453) reveals an intriguing technical pattern known as the Bullish Up Flag. This pattern suggests the potential for a substantial price movement in the near future, with consolidation supported by the 26-day moving average (DMA). In a recent trading session, VGL caught the spotlight with an impressive surge of over 3%, accompanied by above-average trading volumes exceeding 6 lakh shares. This trading action closed exactly on the breakout trendline of the mentioned technical pattern, and closing around today’s high will confirm the breakout.
As of the latest data, Vaibhav Global Limited (VGL) closed on the breakout trendline at Rs 447.15 and even reached an intraday high of Rs 458.70. Discerning long-term investors are encouraged to consider seizing this breakout opportunity once it gets confirmed. The projected target for this pattern is around Rs 540, implying a substantial surge of over 20% from the breakout point (Rs 447.15).
Adding to the optimistic outlook, the 14-week Relative Strength Index (RSI) comfortably positions itself within the bullish zone, hovering around 60.23. This underscores the company’s favorable standing. Supported by robust momentum indicators indicated by short-term key moving averages, both momentum traders and long-term investors have compelling reasons to consider Vaibhav Global Limited (VGL) as an attractive candidate for strategic inclusion in their upcoming trading strategies.
In a robust bullish market environment, Vaibhav Global Limited (VGL) offers investors seeking growth and diversification an enticing opportunity with its potential for a 20% upside. With its strong performance and promising outlook, the company stands poised to contribute to the portfolios of investors looking for growth avenues amidst bullish momentum.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.