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Investors with a short-term perspective can consider buying the shares of Apollo Tyres at current levels. The corrective fall, from the high of ₹249.45, halted at ₹154.7 on March 27. The stock has been on a strong rise since then. This rally took a pause last week and Monday’s 4 per cent rally indicates resumption of the uptrend. Support for the stock is at ₹180. Though there is resistance at ₹191, this level is vulnerable to be broken as the momentum looks strong on the charts. A breach above this hurdle can take the stock higher to ₹200 and ₹205 which are the 200- and 100-day moving average resistance levels. Stop-loss can be placed at ₹179 for the target of ₹198.
The outlook for the stock will turn negative only if it records a decisive close below ₹180. In such a scenario, the stock can fall to ₹178 immediately and then to ₹172 thereafter. However, on the charts, such a fall looks less probable at the moment.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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