Apollo Tyres stock has witnessed sharp correction from levels of 250 all the way down to 160. Considering the stock has been in bull market for last 2 years - this correction does raise lots of alarm bells. And if stock is in bull market - then buy the dip crowd should come now to protect the stock. Here's why
Here's Apollo Tyres Daily Stock Chart
As you can see in the chart above - Apollo Tyres stock has in the past bounced from levels of 160. Once again stock is back to the same level. Technically, the stock should hold current levels. Having said that - a crack below 160 would have serious implication for near term performance of the stock.
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Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers