Stock Picks - Buy Apollo Tyres Ltd For Target Rs.227 - ICICI Direct
Technical Observations
* The share price of Apollo Tyre is rebounding after base formation at 52 weeks EMA and lower band if last 9 months consolidation area (198-250) thus offers fresh entry opportunity with a favorable risk reward set up
* The key observation is that stocks has witnessed shallow retracement in the last 9 months. It is currently rebounding taking support at the 52 days EMA and double bottom like formation around |198 levels signaling inherent strength
* Going ahead we expect the stock to resume up move and head towards | 227 levels being the 61.8% retracement of the last 2 months decline (| 250.00-98.00)
* Among the oscillators stochastic has generated a buy signal moving above its three periods average thus validates positive bias
Buy Apollo Tyres Ltd @ 212.00-216.00 TGT 227 SL 207
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