Technical Pick – Apollo Tyre
• Apollo Tyre is finding support at 237 and resistance above 243.
•On Daily chart, Apollo Tyre is showing breakout point above 243 level.Break and sustain above 243 will see nonstop rally till 249--253++ in weeks to come.
•Apollo Tyre has been trading in a broader range of 154--288 for last one year.
•MACD too has given the positive crossover (Buy signal) which indicates that upper side seems certain in it.
•Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue till 249--253+++mark in coming weeks.
For positional trade, stop loss seeing below 237 on closing basis which in unlikely to breach in near terms.
Trading Recommendation (6th Oct 2017)
Buy Apollo Tyre above 243 and for the initial upside target of 249--253++ mark with stop loss below 237 on closing basis.
More will update soon !!
