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 target price of Rs 92 in its October 12, 2012 research report.

"Apollo Tyres (on the daily line chart) has generated trend reversal forming a ‘falling wedge’. The stock has already went through a correction phase declining from peak of Rs 102 to a low of Rs 84 which is placed around its 100-DMA. Breakout is also seen in daily RSI after formation of falling wedge, this provide supplementary evidence of sustainable upmove in the counter. (Duration 4 days)," says IIFL research report.

Public holding more than 90% in Indian cos

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