Business Daily from THE HINDU group of publications
Friday, Jan 11, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Jan 11, 2008 ePaper | Mobile/PDA Version |
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Stocks Markets - Recommendation 
We recommend a buy in Exide Industries at current market price. It is clear for the weekly chart of Exide Industries that it has been on a steady long-term uptrend since it broke-out of a significant resistance level of Rs 48 in July 2007. However, we see that after testing the higher resistance at Rs 85, the stock is currently in a corrective mode. Recently, the stock found support at 50-day moving average line (Rs 71) and reversed from that juncture. The weekly momentum indicator is featuring in the bullish region. The weekly moving average convergence divergence lines are steadily rising in the positive territory, indicating bullishness. On the downside, the immediate support for the stock is at Rs 67 and the next support is at Rs 56 levels. We expect the stock to resume its uptrend and rally further to the immediate resistance level of Rs 85 in the short-term. Short-term investors can buy the stock while keeping the stop-loss at Rs 71. Yoganand D.Exide raising Rs 150 cr through rights issue Exide picking up 26% stake in Australian co Ceil Motive Exide plans Rs 400-cr investment for doubling capacity More Stories on : Stocks | Recommendation | Automobile Components
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