April 13, 2016
Apollo Tyres (NSE Cash)
Buy
` 162.50
` 169.50 - 168
` 183
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 10:37 IST)
Justification:
After the healthy rally from `127.05 to `181.50 in last two months, the stock has seen a decent correction of
around 10 percent in recent past. The best part of this up move is that it’s not a strident rally and rather a
combination of impulsive and corrective moves. Volumes are marginally higher in up moves as compared to
corrective moves, indicating buying interest among traders. The stock is rebounding from the ‘Trend line’
support, which coincides with ’89 EMA’ on daily chart and currently in verge of giving breakout from the
‘Falling Trend line’. The ‘RSI’ oscillator has also turned northwards and giving positive crossover with its
average, indicating strength in the counter. Looking at above technical evidences, traders are advised to buy
the stock at current levels and on declines to `168 for a target of `183. The stop loss for the trade set-up can
be kept at `162.50.
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April 13, 2016
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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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