July 01, 2016
Apollo Tyre (NSE Cash)
BUY
` 147
` 153 - 152
` 163
14 - 21 sessions
Weekly Chart
Source: Falcon (Chart Time: 09:35 IST)
Justification:
In last three months, the stock has corrected and has retraced 78.6% of the previous upmove from `127 to
`181.50. During last week, prices had formed a ‘Hammer’ pattern on weekly charts. The mentioned pattern is
a trend reversal pattern and formation of the same on weekly charts indicates probability of resumption of
uptrend. Further, prices are also trading near the ‘SuperTrend’ indicator on weekly charts which is in ‘Buy’
mode. Considering the above technical evidences, we are expecting the stock to move higher in near term.
Hence, traders are advised to buy the stock at current levels and on declines upto `152 for a target of
`163. The stop loss for the trade set-up can be kept at `147.
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July 01, 2016
Last 7 recommendations
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Target 2
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SELL
461 - 465
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421
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483
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13-06-16
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189-187
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206
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179
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BUY
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81
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603
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535
Exited at 566
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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