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The outlook for Exide Industries is bearish. The 3.5 per cent fall on Tuesday has dragged the share price well below the 100-Day Moving Average (MA). Resistance is around ₹307. The 100-Day MA is also poised around this level. That makes the region around ₹307 a very strong resistance. As such the stock will now find it difficult to breach ₹307 as fresh sellers can come in around that level.
Exide Industries share price can fall to ₹280 in the next few days. Traders can go short now at ₹296. Add shorts on a rise at ₹304. Keep a stop-loss at ₹309 initially. Trail the stop-loss down to ₹292 as soon as the stock falls to ₹289. Move the stop-loss further down to ₹288 when the price touches ₹284. Exit the shorts at ₹281.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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