Apollo Tyres’ stock has been on an uptrend since November last year. Back then, it bounced off the support at ₹370 and established a rally. After some consolidation towards the end of last month, the scrip has resumed moving up over the last week. Even though there was an intraday price correction on Wednesday, there is no threat for the uptrend. Also, the stock is now trading near a rising trendline support against which we expect it to witness a rebound. In the short-term, Apollo Tyres’ share price is likely to appreciate to ₹575.
One can go long now at ₹552 and also accumulate if the stock softens to ₹546. Place stop-loss at ₹538. Revise it to ₹552 when the stock hits ₹565. Book profits at ₹575.
bl.Today’s pick: Stock to buy or sell, February 8, 2024
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)