Why Apollo Tyres Share Price Shows a Bullish Breakout in the Short Term?

What is the Short-Term Outlook for Apollo Tyres Share Price?

Apollo Tyres has shown strong momentum with a sharp rise of more than 4% on Tuesday. This surge has taken the stock price decisively above the crucial resistance level of 480, indicating a bullish breakout and confirming strength in the ongoing uptrend.

Key Levels and Trading Strategy

• The zone between 470 and 480 is expected to provide strong support and restrict downside moves.
• Upside potential suggests Apollo Tyres could move towards 510 in the coming weeks.
• Fresh buying can be initiated around 488, with additional accumulation on dips near 480.
• Stop-loss should initially be placed at 468.
• As the stock advances, trail the stop-loss to 493 once price reaches 497.
• Further shift stop-loss to 498 when price hits 502, and to 503 when price touches 506.
• Exit long positions near 510.
  

Outlook

Overall, the short-term trend for Apollo Tyres remains bullish, supported by the breakout and strong price action above key resistance levels. However, remember that this upmove can be also due to GST restructuring where it is anticipated that tyres will have lower GST.

SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment advisor before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.

Written by Indian-Share-Tips.com, which is a SEBI Registered Advisory Services

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