It is possible to capture a massive move in a shorter time frame with the help of Time cycle and simple Elliott wave theory.
We had recommended to buyExide Industries in our Multibagger stock report back in June 2023around 232 levels!Below shows a detailed chart and analysis that the stock followed.
Exide Industries Weekly Chart Anticipated as on 27th June 2023
Wave analysis Anticipated as on 27th June 2023
Elliott Wave Analysis: In the weekly time frame as per wave perspective, the entire correction is in form of Primary wave [4] which was in form of Diametric pattern. This pattern helps to catch potential breakouts or reversals in particular direction. Primary wave [4] was completed near the lows of 132 levels in June 2022. Stock precisely reversed from there and since then primary wave [5] is moving on the upside. Stock has gained more than 80% within a year. Simple wave analysis works like magic!!!
We have plotted Supertrend Indicator on the weekly chart. In super trend buy and sell signals are generated when the indicator starts forming line either on top of the closing price or below the closing price. If the Supertrend moves below the closing price, the indicator turns green and shows a buy signal. In the above chart Supertrend continued to show green signal which indicates overall trend is positive. Along with this, we can see this indicator has provided support and resistance to prices from time to time. So, for now any dip towards the Supertrend i.e. towards 200 levels can be used as a buying opportunity. Also, prices have given a breakout of a classic Double Bottom pattern. All signs are suggesting that one can accumulate this stock at current levels.
On the other hand, KST has turned above signal line and also trading above signal line which suggest that further good momentum can continue to be seen.
Elliott wave with Time cycles is unique combination for applying advanced technical analysis concepts. On the above chart, lows are formed around the red vertical lines. The difference between the red vertical lines is 107 weeks. Every time around this zone price forms a low.
In short, one can accumulate this stock at current levels of 232 and add more on dips to 200 levels for the conservative target of 420 with 135 as important support.
Exide Industries Happened as on 2nd May 2024
Happened
We have published in our Multibagger Report on 27th June 2023 in which we have covered a stock namedExide Industries. At the time of the update the stock wastrading around 232 levels. Recently stock hasachieved our target of 420and in today’s session stock made high of 485.55. Stock has shownmovement of more than 100% just 10 months of span!
Time Cycle and Elliott wave works brilliantly if one knows how to apply it correctly. So, using Elliott Wave one can derive path ahead for intraday and positional on stocks and even on index as well.
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Multibagger stock: Exide Industries 100% move in just 10 months! It is possible to capture a massive move in a shorter time frame with the help of Time cycle and simple Elliott wave theory
Elliott wave theory
The Elliott wave principle, or Elliott wave theory, is a form of technical analysis that financial traders use to analyze financial market cycles and forecast market trends by identifying extremes in investor psychology and price levels, such as highs and lows, by looking for patterns in prices.
https://en.wikipedia.org › wiki › Elliott_wave_principle
Exide Industries has given massive returns to its investors in a year and according to experts there is more steam left in the stock. The stock has an upside of 143% in a year. After consolidating in a narrow range for the past few weeks, it gave a breakout from the same this week.
Exide Industries has TTM P/E ratio 29.54 as compared to the sector P/E of 33.81. There are 19 analysts who have initiated coverage on Exide Industries. There are 3 analysts who have given it a strong buy rating & 8 analysts have given it a buy rating. 0 analysts have given the stock a sell rating.
Exide Industries is forecast to grow earnings and revenue by 17.4% and 7.1% per annum respectively. EPS is expected to grow by 19.3% per annum. Return on equity is forecast to be 10.1% in 3 years.
Between the two, Exide Industries has a larger market cap of Rs 398.3 bn as compared to Amara Raja Batteries, which has a market cap of Rs 206.2 bn. Moreover, Exide Industries also has a larger market share of 50% in the domestic battery market compared to Amara Raja Batteries, which has a market share of 35%.
The Intrinsic Value of EXIDEIND stock (250.33 INR) is 49% less than its price (488.25 INR). The DCF Value of EXIDEIND stock (182.06 INR) is 63% less than its price (488.25 INR). The Relative Value of EXIDEIND stock (318.6 INR) is 35% less than its price (488.25 INR).
Now, coming to the question of whether Exide Industries is a potential multibagger or a bubble waiting to burst, I think from a deep value or a value perspective or even a GARP perspective, the stock is definitely greatly overvalued but not so much from a growth perspective.
Houlihan Lokey is pleased to announce that operating assets of Exide Technologies' Americas business have been acquired by Battery BidCo LLC, an affiliate of Atlas Capital Resources III LP (Atlas), pursuant to Section 363 of the U.S. Bankruptcy Code. The transaction closed on August 25, 2020.
EEPL has a 1.5 GW fully automated lithium-ion battery packs and modules manufacturing plant at Prantij, Gujarat. EESL is the promoter of the lithium cell plant. Exide Industries Ltd's Rs 6,000 crore lithium-ion cell manufacturing project has secured a line of credit of Rs 2,000 crore from banks.
Exide Industries has been given an 'Overweight' rating, with a new target price suggesting a potential 10% upside from its current market value. This new target price represents an increase from the previous target of ₹480.
We have published in our Multibagger Report on 27th June 2023 in which we have covered a stock named Exide Industries. At the time of the update the stock was trading around 232 levels. Recently stock has achieved our target of 420 and in today's session stock made high of 485.55.
Stock Radar | Why Exide Industries is a good buy on dip stock at current levels, Shivangi Sarda decodes. "Exide Industries, this Auto battery manufacturing stock has given a Pole and Flag pattern formation breakout on the weekly frame and is respecting its 20-week EMA.
Within 2025 Trident has huge potential to become a multibagger stock. 100% of Analysts have suggested that investors can buy this stock. Company has reduced debt.
The intrinsic value of one EXIDEIND stock under the Base Case scenario is 250.33 INR. Compared to the current market price of 488.25 INR, Exide Industries Ltd is Overvalued by 49%.
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Wave analysis Anticipated as on 27th June 2023
