Exide Industries Ltd. CMP—Rs 143.60

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.

Cipla Ltd. CMP—Rs 277.20

Technical Outlook & Trading Strategy:-

The price of Cipla Ltd appears to be forming a head and shoulder pattern on its weekly charts. A breakdown to the said pattern has confirmed when the price has broken below neckline support level of Rs 283 levels.

The prices will face heavy selling pressure and one could see the price of Cipla decline to the levels of Rs 250 / Rs 240 levels.

We recommend traders to sell 50% on the rise up to 280 and again in the range of Rs 282 – Rs 285 levels with a stop loss placed above Rs 291.6 levels for targets of Rs 268 – Rs 256 levels.