Technical Analysis Exide Industries Ltd

The stock

chart shows that is in a clear prolonged downtrend. After a massive rally that peaked near the 575-600 zone around mid-2024 the stock has been steadily giving up its gains. Over the past year it has formed a consistent pattern of lower highs and lower lows indicating that sellers have been dominating the price action. Currently trading around 328.00 the aggressive downward momentum seems to have paused. The stock is attempting to find a floor and is moving sideways trying to build a base after a heavy correction. Crucial support the stock recently bounced from levels just under 300. This 285-300 zone is currently acting as a vital short-term safety net. If the price breaks and closes below this support zone it would signal a continuation of the major downtrend and further weakness. Immediate resistance for any meaningful recovery to happen the stock needs to overcome overhead supply. The first major hurdle is the 350 level followed closely by the 375-380 zone. For Fresh buyers it is risky to enter right now since the main trend is still downward wait for a clear breakout above the 350 resistance with strong volume before buying. For Existing holders you can hold your current positions but it is highly recommended to keep a strict stop-loss around the 285-290 support zone. If the price breaks and closes below this level it is best to exit to protect your capital from further losses. Technical analysis is based on historical patterns and does not guarantee future results. Always use a Stop-Loss to manage your risk.