Intraday Stock Tips for 23rd August, 2010 (23/08/2010): Buy Apollo Tyres
August 23, 2010 by admin
Filed under Analyst's Corner, General
Intraday Share market Tips for 23rd August, 2010 (23/08/2010): Buy Apollo Tyres
On the Daily Charts, APOLLOTYRE has made a Large White Candlestick, on Friday, with an excellent spurt in volume too. The prices are trading above the 50-Days SMA (Simple Moving Average) and 20-Days EMA (Exponential Moving Average) of 65.49 and 65.92, respectively.
Stock tested its important resistance of 72.60 on Friday by making a high of 72.50. 14-Days RSI (Relative Strength Index) has strengthened on the Charts and is quoting at 67.53 (RSI below 50 indicates weakness or confirms the Selling signal).
The Positive Directional Index (28.84) is above the Negative Directional Index (18.69), ADX (Average Directional Index) has gained strength on the Intraday Charts and is quoting at 20.50 on the Daily Charts. ADX’s value above 20 and near 40 indicates that the underlying trend is strengthening.
Hence, it is recommended to buy APOLLOTYRE only if it trades above 72.60 for the Targets of 74.30 & 74.50, with the Strict Stop Loss of 71.45.
Contributed By: Sonal Natani MS(Finance), ICFAI, Hyderabad.
