NSE:EXIDEIND Broken below the neckline support of 200. The stock is trending lower for the last 5 weeks and a bounce back cannot be ruled out since it's in an oversold position. However, one should keep in mind that it would be difficult for the bulls to cross the level of 200 now.
In the Exide Industries weekly chart we can see the previous resistance band had turned into support band and share is taking support around 190-195 band. This is classic example of how past resistance turns into support and it took support and reversed from there multiple times.
Sell 200 PE at 5. Exide should shoot up as there are supposed to be incentives on EV theme in Budget. Lets see. So sell ATM PE on a cautious note. We can hedge with 200CE if needed.
Exide taking good support around 212-213 area. I think it is poised for up move. I will look to buy exide on Monday opening around 210-213.
Target 1 - 220 (will book 50%)
Target 2 - 230 (will book remaining)
Stoploss - 208
Exide Industries Limited is a storage battery company. The Company designs, manufactures, markets and sells a range of lead acid storage batteries. It operates through Storage Batteries & allied products, Life Insurance Business and Others segments. Storage batteries & allied products segment includes the holding company and some of its subsidiaries manufacture lead acid storage batteries and allied products. The Life Insurance business segment is engaged in life insurance business carried by its subsidiaries. It offers a range of products, including automotive batteries, solar batteries, submarine batteries, industrial batteries, genset batteries, inverter batteries and home uninterruptible power supply systems. The Company manufactures batteries for the automotive, power, telecom, infrastructure projects, computer industries, as well as the railways, mining and defense sectors. Its manufacturing units are located in West Bengal, Haryana, Maharashtra, Tamil Nadu and Uttarakhand.
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EXIDEIND
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