Buy Exide Industries, target Rs 290: Ashish Chaturmohta

Exide Industries | Company further invested Rs 33.17 crore in its subsidiary (joint venture company) Exide Leclanche Energy and increased its shareholding to 80.15 percent. (Image: Exide Industries)

Ashish Chaturmohta

Exide Industries has formed a rounding bottom pattern over the last one year between Rs 250 and Rs 195 odd levels. At the start of this month, it witnessed a breakout from the same on huge volumes and price momentum touched an all-time high of Rs 270.

Since then the price has corrected on below-average volumes to Rs 242 and then saw a huge bounce back. The price moved above the short-term 21-day exponential moving average. Relative strength index has given positive crossover on the daily chart. Thus, the stock can be bought at current level and on dips to Rs 256 with a stop loss below Rs 249 and a target of Rs 290 levels.

Disclaimer: The author is Head Technical and Derivatives, Sanctum Wealth Management. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.