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We recommend a buy in the stock of Exide Industries from a short term perspective. The stock is in a short-term uptrend from the April 8th trough at Rs 115. Following the near-tem peak at Rs 142, the stock has been consolidating in the range between Rs 130 and RS 140 since the last week of April. The stock tested the lower end of this band at Rs 131 in Monday’s trading session and reversed higher forming a hammer pattern that denotes buying interest at lower levels.
The rate of change oscillator in the daily chart cut the zero line from below and moved to 1.1 on Monday. The relative strength index in the daily chart is also hovering just above the neutral zone. These oscillators imply that the short-term trend is on the verge of turning positive. The stock can be bought for short-term trading with stop-loss at Rs 135. Short-term targets are Rs 139 and Rs 142.
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