Since taking support at ₹107 in early May, Gujarat Apollo Industries has been on a short-term uptrend. It has surged 23 per cent this month. Ahead of its FY14 results due on Saturday, the stock is testing a key resistance at ₹140. A positive earnings surprise can break this barrier and take it northwards to ₹150 and then to ₹158. Any disappointment can pull down the stock, which can then breach its immediate support at ₹125 and fall to ₹115 or even ₹106 in the short term.

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