Exide Industries Set for a Bullish Rally, Target ₹577.75

6 oct. 2024

Exide Industries is showing a strong reversal and bullish momentum after a 10-13% correction, making it an attractive buy for swing traders. Currently trading at ₹502.40, the stock is poised to rally ahead of its quarterly results, with a target of ₹577.75 and a stop-loss at ₹465.60.

Key Technical Insights:

The stock is in a bullish reversal after its recent correction, suggesting that upward momentum is regaining strength.

Multiple RSI indicators are above 60, confirming bullishness on both the weekly and monthly charts.
Unlike most other stocks and indices that saw a 4-6% correction last week, Exide Industries remained bullish, a sign of strong relative strength in the current market.

With quarterly results due on 04 November, the stock may see a pre-results rally, similar to the more than 10% rally it experienced after the previous quarter’s results.
Conclusion:

Exide Industries presents an excellent swing trading opportunity, with a target of ₹577.75 and a stop-loss at ₹465.60.

The bullish momentum, both technically and in anticipation of upcoming results, makes this stock a strong pick in the current market environment.

Disclaimer: This is for educational purposes only and not financial advice. Please do your own research before making any investment decisions.

11 oct. 2024

Note

More then 10% return achieved