Moneycontrol
Last Updated : Nov 08, 2018 01:02 PM IST | Source: Moneycontrol.com

Sell Apollo Tyres, target Rs 192: Ashish Chaturmohta

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
 
 
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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.

Disclaimer: The author is Head of Technical and Derivatives at Sanctum Wealth Management. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Nov 8, 2018 01:02 pm
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