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, says Shitij Gandhi of SMC Global Securities.
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.
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