Quant Pick - Buy Exide Industries - ICICI Direct

Recommendation

Buy Exide Industries in range of Rs. 188-194
Target: Rs. 230
Stop Loss: Rs. 172.5
Time frame: Three months

Derivatives & Quantitative Outlook

Broader markets have started recovering post the announcement of Union Budget 2021. In the midcap space, stocks like Exide Industries accumulated significant long positions in the last couple of months. It is likely to continue its upward bias in the near term.

The open interest in Exide Industries has been gradually increasing in the last couple of months as the stock exceeded its major hurdle of Rs. 175 in the November series. Since then, long positions are still intact in the stock. Current OI in the February series is almost at par with three months. We believe these are long positions.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_Exide_Feb21.pdf

Shares of EXIDE INDUSTRIES LTD. was last trading in BSE at Rs.201.5 as compared to the previous close of Rs. 194.65. The total number of shares traded during the day was 404170 in over 5719 trades.

The stock hit an intraday high of Rs. 202.95 and intraday low of 196.2. The net turnover during the day was Rs. 80942466.

Source : Equity Bulls

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