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The outlook for Exide Industries (₹187) looks promising. The stock finds immediate support at ₹172 and a crucial one at ₹149. If it manages to sustain above ₹149, it could see a further rally. In such a scenario, Exide Industries can touch ₹255.
F&O pointers: Exide Industries September futures carries open interest positions of over 2 crore shares. On Friday, it shed just 12,000 shares despite an increase in the underlying price. Exide ₹190-call witnessed unwinding of 1.44 lakh shares in open interests on Friday. Besides, other strikes of calls and puts also saw unwinding of positions.
Strategy: We advice traders to go long on Exide Industries for an initial target of ₹206 with a stop loss of ₹172. Stop loss can be moved up to ₹187, if the stock opens on a positive note. Traders with high risk appetite can consider rolling over the positions for a higher target of ₹255 with a stop loss at ₹160.
Traders who are averse to risk can consider buying 195 call on Exide that closed with a premiumof ₹3. Hold the position for at least two weeks. Traders could consider exiting the position if the premium dips to ₹1 or rises to ₹8.
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