Exide Industries Technical Analysis: Sell | Target Rs 170 | Arijit Banerjee

Sell Range186 – 181
Target170 – 168
Duration12 – 15 Trading Days
Potential Return^6 – 7%
CP#IdeaSell RangeTargetStopLoss*DurationPotential Return^
181.6SELL186 – 181170 – 168192.512 – 15 Trading Days6 – 7%

# CP – closing price on Dec 09, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 176.
^ The returns are calculated based on CP#


Exide Industries have seven factories across the country and subsidiaries in the UK, Singapore and Sri Lanka, is the largest manufacturer of automotive and industrial lead-acid batteries in India and fourth largest in the world. The company manufactures a vast product range of 2.5 Ah to 20,600 Ah capacity. Incorporated in the year 1947, they provide power storage solutions for automotive, defense, telecom, mining, railways and information technology. In 2018, Exide Industries launched three new range of automotive batteries – Epiq, Exide Gold and Exide Cabby. The battery manufacturer’s standalone net profit dropped by 11.6% to 237.29 Cr in Q2FY20.

Stock Data
Sectoral IndexNifty 500
52W High273.8
52W Low166
Face Value1
Relative Performance_Exide vs Nifty 500 Index


  • Head and Shoulder formation (highlighted in the orange shade) since 2017 onward with neckline of the said pattern seems to exist around 196-200. The price had completed it’s breakout at right shoulder on July 2019.
  • After the breakout, the price didn’t reach it’s hypothetical target and retracing back to its neckline which is now acting as a resistance. This pullback is typical* after the Head & Shoulder breakout. We may expect the price to fall further in the coming days.
    *According to Bulkowski’s Pattern Index, after the neckline breakout, the average Pullback rate is 68%
Exide Industies Weekly Chart
Exide Industies Weekly Chart


  • Lower Tops and Lower Bottoms at Daily Charts.
  • ADX and -DI crossing above 20 indicate selling momentum and possible further fall.
Exide Industies Daily Chart
Exide Industies Daily Chart


Based on our positional trading recommendation, Exide Industries share price target will be 170 – 168 in the next few days.

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1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.


The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).


The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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