Investors with a short-term perspective can consider buying the stocks of Exide Industries. The stock has surged over 4 per cent on Thursday and has closed higher for the second consecutive day this week.
The two-day rally has signalled a reversal of the downtrend that is in place since mid-September. There is some resistance at ₹166 and a strong break above this level will confirm the trend reversal.
Immediate support for the stock is at ₹160. There is no danger of an immediate fall as long as the stock trades above this support level. Also the stock’s inability to decline below ₹150 over the last two months leaves open the possibility of a break above the hurdle at ₹166 in the coming sessions. Such a break can take the stock to the next targets of ₹170 and ₹173. Go long with a stop-loss at ₹158.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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