Comments
Investors with a short-term perspective can consider buying the stock of Exide Industries at current levels. Since taking support at ₹116 in January 2016, the stock has been on a long-term uptrend forming higher peaks and troughs. The corrective fall from the October high of ₹204 found support at around ₹171 – the 38.2 per cent Fibonacci retracement level in November, and again in December last year. This support provided a good base for the stock.
On Wednesday, the stock jumped 3.8 per cent, breaching a key resistance at ₹186. With this rally, the stock appears to have resumed its long-term uptrend. Moreover, the stock is trading well above its 21- and 50-DMAs. The daily relative strength index has re-entered the bullish zone. The daily price rate of change indicator has also entered the positive terrain, implying buying interest. The short-term outlook is bullish for Exide Industries. Buy the stock with stop-loss at ₹185. Targets are ₹197 and ₹201.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.