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The stock of Apollo Tyres surged 3.7 per cent with above average volume on Wednesday, breaking above a key medium-term resistance at ₹224. This rally provides investors with a short-term perspective an opportunity to buy the stock at current levels. After registering a 52-week high at ₹261 in early March this year, the stock encountered a key resistance at ₹260 and began to decline. It was on a short-term downtrend until the stock took support at ₹200 in late April. The stock changed direction and began to trend upwards. It has been in a short-term uptrend for more than a month. The close above the vital resistance level of ₹224 has strengthened the short-term uptrend. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is likely to enter the bullish zone from the neutral region.The stock can extend the on-going uptrend and reach the price targets of ₹240 and ₹244 in the ensuing trading sessions. Traders can buy the stock with a stop-loss at ₹225 levels.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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