(Short Term Cash)
January 10, 2017
Apollo Tyres (NSE Cash)
BUY
` 184.50
` 190 - 192
` 207
14 - 21 Sessions
Daily Chart
Source: Falcon (Chart Time: 15.06 IST)
Justification:
The stock has undergone a severe price correction over the past three months. In the process, the stock prices fell
from October high of 234.75 and somehow managed to find a support around the daily ‘200 SMA’ placed at 173. This
key moving average played a sheet anchor role as we witnessed a base-building process around it for nearly 6 to 8
weeks. Today, we are witnessing a good positive traction in the counter as the stock prices managed to traverse the
daily ’89 EMA’ as well as ‘Parabolic SAR’ indicator. In addition, the ‘RSI-Smoothened’ is positively poised; providing
credence to the breakout. Thus, traders are advised to buy this stock at current levels and on declines to `190 for a
target of `207 in coming 14 - 21 sessions. The stop loss for this trade set up can be kept at `184.50.
Sameet J Chavan
022-3935 7600 Extn: 6552
[email protected]
1
January 10, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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