Sell Exide Industries between Rs 177 & Rs 190. Stoploss at Rs 195 :: HDFC Securities

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Current Observation:  The attached weekly timeframe chart of Exide Industries Ltd is indicating a top reversal pattern, as the stock price slipped into sharp decline.  We observe a formation of negative candlestick pattern of 'darck cloud cover' around the swing high of Rs.205 and that led to beginning of weakness from the highs.  Currently the stock price is sliding downwards the immediate support of ascending brown trend line around Rs.170 levels, but the strength of downside momentum could possibly lead to downside breakout of the support for near term.  Weekly momentum oscillator like 8 period MACD indicator is in the process of showing negative crossover signal (MACD line cutting below its signal line). Normally MACD indicator is lagging indicator and it shows significant reversal patterns historically.  Overall chart and momentum pattern is signaling the short trade setup for near term.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3011278