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The outlook for APL Apollo Tubes is bullish. The stock has begun the week on a strong note by rising over 3 per cent. This rise has taken the share price well above ₹1,520 - a key resistance. The region between ₹1,520 and ₹1,500 will now act as a strong support. Intermediate dips to this support zone are likely to get fresh buyers. The moving average cross overs on the daily chart also strengthens the bullish case.
APL Apollo Tubes share price can rise to ₹1,685 in the coming weeks. Traders can go long now at ₹1,584. Accumulate on dips at ₹1,530. Keep the stop-loss at ₹1,485. Trail the stop-loss up to ₹1,605 as soon as the stock moves up to ₹1,620. Move the stop-loss further up to ₹1,640 when the share price touches ₹1,660. Exit the long positions at ₹1,685.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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