Buy Exide Ind, Maruti Suzuki May See Further Decline

Exide has been consolidating after hitting all time highs. That’s a very good signal getting into some kind of sideways consolidation. This kind of consolidation which happens immediately after the stock breaks out into new highs would yield to further upsides. Go for long as the stock is above Rs 133-134 mark on closing basis . On the upside, a good breakout above Rs 140; above that you could see another 10-15% coming into this stock which will give it a target of around Rs 155-160.

We were expecting some kind of negative action for Maruti Suzuki. It’s been down severely around 10% or so. In the monthly charts Rs 1180-1190 has been a very strong support but looking at the price action happening today it is not sure that we will give an immediate reversal. We might see some more declines before we see some kind of technical bounce back come into the picture.

Posted in: Exide,Exide IND,Maruti Suzuki