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The stock of Exide Industries has been in a downtrend since early July. The latest leg of the fall occurred between mid-October and mid-November. But the scrip managed to find support at ₹415 and was consolidating just above this level last week. The bulls gathered strength this week, lifting the stock by capitalising on the base at ₹415. The price has now gone above the 20-day moving average and resistance at ₹450, turning the outlook bullish. In the short-term we expect the stock to rise to ₹530. Participants can go long at ₹455 and buy more shares if the price dips to ₹430. Place stop-loss at ₹400. When the price tops ₹475, raise the stop-loss to ₹455.
Revise the stop-loss to ₹495 when the price hits ₹515. Exit at ₹530.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.
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