Comments
The stock of Apollo Micro Systems seems to be a good buy as it has closed above a key resistance of ₹120 on Thursday. Thus, the stock is likely to establish a fresh round of rally and so, traders with short-term perspective can consider buying the stock.
After opening the year 2021 on the strong foot, the scrip rallied and hit a fresh 52-week high of ₹155.9 in mid-January. However, the stock was unable to extend the uptrend and it reversed to move downwards. The fall was sharp, and it had depreciated to ₹87 by mid-April, thereby losing about 44 per cent from January high.
But ₹87 acted a good base on the back of which the stock resumed to move up. But towards the end of May, it entered a sideways trend wherein it has been largely oscillating between ₹110 and ₹120 Tuesday. On Wednesday, the stock breached ₹120 with substantial volume, opening the door for further rally. Thus, traders can buy with stop-loss at ₹119 for a target of ₹132.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.