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The stock of Exide Industries has fallen almost 3 per cent over the past three trading sessions, breaching a key support at around ₹142. Investors with a short-term perspective can consider selling the stock at current levels. The level of ₹142 was a significant support base for the stock since early June. The stock’s ongoing decline has decisively breached this support level.
Both medium- and short-term trends are down for the stock. It hovers well below its 50- and 200-day moving averages. The daily relative strength index is featuring in the bearish zone and the weekly RSI has entered the bearish zone implying downtrend. The daily and weekly price rate of change indicators are in the negative terrain indicating selling interest. The short-term outlook for the stock is bearish. It can prolong its downtrend and reach the price targets of ₹131.5 and ₹129 in the ensuing trading sessions. Sell the stock with a stop-loss at ₹140.3.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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