Exide #19: Sell | Target Rs 212 | Arijit Banerjee


 SELL  Exide Limited (NSE: EXIDE)


Sell Range232 – 227
Target216 – 209
Duration15 – 20 Trading Sessions
Potential Return^6 – 9%
CMP#IdeaSell RangeTargetStopLoss*DurationPotential Return^
230.15SELL232 – 227216 – 20924315 – 20 Trading Sessions6 – 9%

# CMP on Jan 25, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 223.
^ The returns are calculated based on CMP#


Having seven factories across the country and subsidiaries in the UK, Singapore and Sri Lanka, Exide is a led acid battery manufacturer with 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 net profit dropped by 42% to 155 Cr in Q3FY19.

Stock Data
SectorNifty 500
52W High1003
52W Low433
Face Value10
Relative Performance_Exide Industries vs Nifty Index


  • Head & Shoulder pattern formation in the weekly chart.
  • The stock formed well-defined Head & Shoulder Pattern over the last 6 months and the breakout below the Neckline shows further bearishness.
Exide Head & Shoulder Breakout_Weekly
Exide Head & Shoulder Breakout_Weekly


  • Technical indicators are currently giving negative signals as the stock trades below the short term (10 day EMA) and medium term (20 day EMA) moving averages.
  • Last 3 months support line was broken yesterday and the price was moving further downwards.
  • Momentum indicators like the 14-week RSI are below 30 shows selling momentum and probable further fall.
Exide Daily chart
Exide Daily chart


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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