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The short-term outlook bearish for Apollo Tyres. The stock has been trading weak this week. The share price has decline about 4 per cent so far this week.
The 2.4 per cent fall on Tuesday has taken the stock well below a key support zone of ₹475 which strengthens the bearish case.
On the charts, there is room for the stock to fall further from current levels. Resistances are at ₹477 and ₹481. Apollo Tyres share price can fall to ₹460 from here. Traders can go short now at ₹471. Add more shorts on a rise at ₹476.
Keep the stop-loss at ₹481. Trail the stop-loss down to ₹468 as soon as the stock goes down to ₹466. Move the stop-loss further down to ₹465 when the price touches ₹462. Exit the shorts at ₹460.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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