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Investors with a short-term perspective can sell the stock of Exide Industries at current levels. The stock has been in an intermediate-term downtrend since encountering a resistance at ₹233 in March 2019. Medium- as well as short-term trend are down for the stock.
In late July, the stock had decisively breached a key support at ₹196 and continued to trend downwards. After a corrective rally, the stock met with a resistance at ₹187 in the previous week and resumed the downtrend. On Thursday, the stock tumbled almost 3 per cent breaching an immediate support at ₹173. This fall has strengthened the downtrend. Moreover, the stock trades well below the 21- and 50-day moving averages.
The daily relative strength index has entered the bearish zone from the neutral region and the weekly RSI continues to feature in the bearish zone. Besides, the daily and the weekly price rate of change indicators hover in the negative territory implying selling interest.
The short-term outlook is bearish for the stock. It can continue to trend downwards and reach the price targets of ₹162 and ₹159 in the coming trading sessions. Sell the stock with a stop-loss at ₹173.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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