Avoid Apollo Tyres, says Sahil Kapoor

Sahil Kapoor of Edelweiss told CNBC-TV10, "Yesterday there was a very interesting data point in Apollo Tyres. We saw 25 percent long build up in the open interest (OI) and it was not showing any kind of strong downward trend."

"However, what news has done to chart is it has clearly thrown all the bulls out of the equation. So, for the time being the chart looks quite bad and possibly we will continue to see a lot of selling pressure at higher levels. So, it is a clear avoid to trade right now on Apollo Tyres. You need to see some kind of sanity coming back maybe in a week's time and then the chart will start giving some more signals," Kapoor said. Also Read: Apollo Tyres sinks 25%; Cooper Tire buy seen a risky bet