Quant Pick - Exide Industries - ICICI Direct

Recommendation

Buy Exide Industries in range of Rs. 168.5-172.5
Target: Rs. 205
Stop Loss: Rs. 154
Time frame: Three months

Derivatives & Quantitative Outlook

Broader markets have started recovering post the Covid-19 vaccine news. The midcap index has gained more than 9% since November 4. In the midcap space, stocks like Exide Industries have accumulated significant long positions and are likely to continue their upward bias in the coming weeks.

The open interest in the stock has increased lately. It has almost doubled from 7 million shares to 14 million shares when the stock was trading between the range of Rs. 150 and Rs. 175. Since last week it has slowly started gaining strength. The current rollovers have been good, indicating rollover of the long positions into the December series as well. In view of the recovery in the auto ancillary space, we expect the stock to test Rs. 200 levels.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_Exide_Nov20.pdf

Shares of EXIDE INDUSTRIES LTD. was last trading in BSE at Rs.171.75 as compared to the previous close of Rs. 170.3. The total number of shares traded during the day was 279592 in over 4295 trades.

The stock hit an intraday high of Rs. 172.45 and intraday low of 169.8. The net turnover during the day was Rs. 47949080.

Source : Equity Bulls

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