1) Exide Industries is RPG group company, based out of Calcutta. The company is the leading manufacturer of Auto and Industrial batteries.
Price & Volume Analysis
2) On Friday, the trading volume in the stock has increased by 84%. It is also up by 58% from one week average. The increase in volumes have backed by increase in stock price by 1.5% which is a positive development for the stock.
3) Delivery Volumes have also increased by 85% which further make this rise in stock price more worth while.
Derivative Analysis
4) Open Interest in the stock has increased by 9.5%. 1.6 Lacs new shares have been added in Open Interest. Total Open Interest in the stock stands at 19 Lacs new shares.
Chart Analysis
5) On the charts, there exists a strong support around 121. It has bounced back three times from 20th June and has broken the intermediate top made post that. The support for a buy position can be placed below that.
6) On the upside, the first level of resistance comes at 126 where previous support levels exist. Once this level is breached, the next level of resistance arrives at 131 where intermediate top exists.
Trading Strategy
7) Most indicators above indicates short term uptrend in the coming days. One may buy Exide around 123 with stop-loss at 120 and target levels of 126 and 131.
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