Technical Analysis

APL Apollo Tubes (₹984.55): BUY

Gurumurthy K |BL Research Bureau | | Updated on: Jun 01, 2022

Accumulate longs on dips at ₹955

The short-term outlook for the stock of APL Apollo Tubes is bullish. It has surged over 11 per cent in the last two days. The 4.9 per cent rally on Wednesday, the stockabove the key near-term resistance zone of ₹945-₹950. This has strengthed the short-term upmove. The ₹945-₹950 zone will now act as a strong support. Intermediate dips are likely to be limited to ₹945. Fresh buyers are likely to emerge around the ₹950 levels. The stock has potential to target ₹1,100 in the next one-two weeks.

Traders with a short-term perspective can go long at current levels. Accumulate longs on dips at ₹955. Keep the stop-loss at ₹915. Trail the stop-loss up to ₹1,010 as soon as the stock moves up to ₹1,045. Move the stop-loss further up to ₹1,055 as soon the stock touches ₹1,075. Book profits at ₹1,085. The region around ₹1,100 is a strong trend resistance and a break above it might not be easy. The chances are high for the stock to see a trend reversal from around ₹1,100. So traders will have to exit their longs as mentioned above.

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

Published on June 02, 2022
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