The stock can be sold at current level and on the rise towards Rs 218 with a stop loss above Rs 225 and a target of Rs 192 levels, says Ashish Chaturmohta of Sanctum Wealth Management.
Moneycontrol Contributor
@moneycontrolcom
Ashish Chaturmohta
Apollo Tyres has given a breakdown from the major support level of Rs 230 in the month of September this year and touched a low of Rs 192. Since then, the stock has seen a bounce back towards Rs 230 which is now acting as a resistance for the stock.
The price formed a shooting star candlestick pattern at the 50-day moving average. The stochastic oscillator has given a negative crossover with its average on the daily chart. Thus, the stock can be sold at current level and on the rise towards Rs 218 with a stop loss above Rs 225 and a target of Rs 192 levels.
First Published on Nov 8, 2018 01:02 pm
