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The upmove in the stock of Exide Industries is gaining momentum. The stock has surged over 4 per cent so far this week. This rally has broken the sideways consolidation that was in place for four weeks. Support is in the ₹161-₹159 region. Intermediate dips are likely to be limited ₹161-₹159 support zone. A fall below ₹159 is unlikely now. Exide Industries has potential to rise towards ₹179-₹181 in the next three-four weeks.
Traders with a short-term perspective can go long at current levels. Accumulate longs on dips at ₹162. Keep the stop-loss at ₹156. Trail the stop-loss up to ₹168 when the stock moves up to ₹171. Move the stop-loss further up to ₹176 when the stock touches ₹178 on the upside. Book profits at ₹180.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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