Buy Apollo Tyres above Rs 88; Target Rs 92: IIFL

IIFL is bullish on Apollo Tyres and has recommended buy rating on the stock with a stop loss of Rs 86 for the target price of Rs 92, in its December 19, 2012 research report.

"Apollo Tyres has given an upside breakout after consolidating in an inverted head & shoulders formation which resembles bullish structure. Also, the stock closed above its 100-DMA for the first time since first week of December 2012, the same coincides with the neckline of inverted head & shoulders pattern. On the oscillator front, RSI is suggesting more upside from the current levels. (Duration 5 days)," says IIFL research report.

Public holding more than 90% in Indian cos

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