Buy Apollo Tyres, says Sudarshan Sukhani

Buy Apollo Tyres, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "I would be a buyer in Apollo Tyres. It has given us a perfect buy signal. What it did was it rallied all the way to Rs 100 and then went through a very sharp and deep correction. Each stock will have its own thing, so that correction was surprising but it just told us that the price is now at a level where you want to buy and go long in it. So for Apollo Tyres today it is a day trading opportunity assuming the markets and midcaps remain cheerful. For position traders you want to build a position starting now."
He further added, "Bank of Baroda is giving us the same pattern that Punjab National Bank and Canara Bank were earlier giving. It has made a trading range for the last two months and broken out yesterday. I think PSU banks are going to outperform very clearly. These trading range breakouts are giving a message that they are just beginning a new up move. So Bank of Baroda is the favored stock for today because that breakout could give very strong momentum on the upside. But in general PSU banks have been in favor and I think that will continue."