The upmove in Apollo Tyres is gaining momentum. The stock rose 4 per cent on Tuesday and has closed on a strong note. This rise has taken the share price well above the psychological ₹500 mark. The broad region between ₹510 and ₹500 will now act as a good support zone.
Fresh buyers are likely to emerge in this support zone and limit the downside. Moving average cross overs on the daily chart also strengthens the bullish case. Apollo Tyres share price can rise to ₹550-₹560 in the coming weeks. Traders can go long now at ₹519. Accumulate on dips a ₹508. Keep the stop-loss at ₹495. Trail the stop-loss up to ₹525 as soon as the stock moves up to ₹532. Move the stop-loss further up to ₹535 when the price touches ₹542. Exit the long positions at ₹550.
Today’s Stock Recommendation: June 26, 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)