Buy Exide Industries, target Rs 281: Shitij Gandhi

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Buy Exide Industries, target Rs 281: Shitij Gandhi

Shitij Gandhi

Exide Industries has been consolidating in the range of Rs 240-265 for more than ten weeks and is now hovering well above its 100-days exponential moving average (DMA) on the weekly charts.

At the current juncture, the stock has formed a triple bottom pattern and bullish flag pattern on daily charts and is on verge of a breakout above the consolidation range.

The positive divergence on RSI is also pointing towards the next up move in prices going forward. Traders can accumulate the stock in a range of Rs 255-259 for the upside target of Rs 281 levels and a stop loss below Rs 240.

Disclaimer: The author is a Senior Research Analyst, SMC Global Securities. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

2018-12-19 16:47:48

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

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