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  • Buy Apollo Tyres with target at Rs 320
  • April 02,2018
  • blog(By SMC Global Securities)The technical indicators in Apollo Tyres such as RSI and MACD are also showing positive divergence at current level. Therefore, one can buy in the range of Rs 272-274 levels for the upside target of Rs 310-320 levels with a stop loss below Rs 255.

    Apollo Tyres closed at Rs 277.05 on March 28, 2018. It made a 52-week low at Rs 207.15 on March 30, 2017 and a 52-week high of Rs. 288.65 on January 9, 2018. The 200-days Exponential Moving Average (EMA) of the stock on the daily chart is currently placed at Rs 251.19.

    Apollo Tyres Ltd: BUY | Target: Rs 320| Stop loss: Rs 255| Return 15%

    The short-term, medium term, and long-term bias look positive for the stock, as it is continuously trading in the range of Rs 230 to Rs 280 levels from the last eight months and has also formed an “Inverted Head and Shoulder” pattern, which is considered to be bullish.

    Despite the volatility in the broader indices, the stock is still trading around its all-time high that shows the strength of the stock.

    Moreover, the technical indicators such as RSI and MACD are also showing positive divergence at current level. Therefore, one can buy in the range of Rs 272-274 levels for the upside target of Rs 310-320 levels with a stop loss below Rs 255.


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