Technical Outlook & Trading Strategy:-
The price of Exide Industries faced heavy selling pressure during the previous session. But the key observation to be made is that the price of Exide has registered a head and shoulders breakdown during the previous session.
This is a bearish formation and the measuring implication of the pattern suggests that the price can decline to levels of Rs 130 and/or Rs 100 levels.
The RSI indicators have also turned into sell mode which displays weakness in the counter.
We recommend traders to sell 50% now and again in the range of Rs 145 – Rs 146 levels with a stop loss placed above Rs 150.2 levels for targets of Rs 136 – Rs 130 levels.
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