Buy Apollo Tyres; target of Rs 87: IIFL

IIFL is bullish on Apollo Tyres and has recommended buy rating on the stock with a target of Rs 87 in its July 9, 2012 research report.

“Apollo Tyres has given a breakout from the downward sloping resistance line on the daily chart backed by impressive volumes in last few trading sessions. Yesterday’s rally was accompanied with a positive crossover in RSI, earmarking inherent strength in the counter. Moreover, it also managed to close above 100-DMA for the first time since second week of June 2012. Such back to back confirmation on short term and medium term chart supports our buying argument at current levels and provides better risk-reward ratio. Based on above observations, we recommend traders to buy the stock above Rs82.50 with stop loss of Rs80.50 for target of Rs87. (Duration 5 Days),” says IIFL research report.  

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