exide industries share price

which is part of the battery space, is down more than 11% from its November 2021 highs, but a rebound seen from a double bottom formation on the quarterly charts suggests new highs could be in store. in sight.

Short-term traders can use the dips, if any, to buy the stock for a possible target above 250 over the next 2-3 quarters, experts suggest.

The stock rose more than 5% in one week and more than 8% in 3 months.

The battery maker’s stock has been on a steady upward trend after hitting a low of Rs 130 on June 20, 2022. The stock has risen over 26% since then.

The stock also formed a double bottom formation around the 120-130 levels on the quarterly charts. It retested this level once in April and then in July 2022.

On the price front, the stock price is trading above the crucial short and long-term moving averages of 5,10,30,50,100 and 200-DMA, which is a positive sign for bulls.

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The Relative Strength Index or RSI is 62.2. An RSI below 30 is considered oversold and above 70 is considered overbought, according to data from Trendlyne.

“Exide Industries saw a double bottom formation on the quarterly charts at levels of Rs 130 after six consecutive quarters of correction (31.03.2021 – 30.06.2022)”, Sujit Deodhar, Head – Technical Analyst, Wellworth Share & Stock Broking Ltd., said.

“The stock gained momentum last quarter with a bullish candlestick bar. On the daily charts, the long-term moving averages (50, 100 and 200 SMA) formed a group, indicating that the stock is poised for a great move,” he added.

“The Stochastic technical indicator presents a new buy signal supporting the bullish position. Exide Industries qualifies for a BUY at the current levels of 165 and on declines towards 150 levels with a stop loss to place below 142 levels on a daily basis,” recommends Deodhar.

“Traders can buy the stock for a decent upside target projected at 260 levels with a holding period of the next 2-3 quarters,” he added.

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Karen J. Nelson