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The short-term outlook is bullish for the stock of Apollo Tyres. The 2.8 per cent rise on Monday indicates that the upmove could be gaining momentum. The price action on the daily chart over the last one week is also indicating a bullish pattern. Immediate support is at ₹317. Below that, ₹313 and ₹308 are the next important supports. However, the downside could very well be limited to ₹317 itself for now. The stock price of Apollo Tyres can rise to ₹350-355 in the next two-three weeks. Traders can go long now. Accumulate on dips at ₹320. Keep the stop-loss at ₹312. Trail the stop-loss to ₹331 as soon as the share price moves up to ₹336. Move the stop-loss further up to ₹338 when the price touches ₹341. Book profits at ₹345.
Note: The recommendations are based on technical analysis. There is risk of loss in trading
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