Apollo Tyres Share Price Jumps by 1.8%; Stock Looking Bullish on Technical Charts
Apollo Tyres stock was trading firm on Thursday and the stock has witnessed bullish breakout on technical charts. Apollo Tyres was trading 1.8 percent at the time of publication of this report. Apollo Tyres, a leading player in the Indian automotive industry, has been on investors’ radar for its robust performance and growth trajectory. With a market capitalization of Rs 343.91 billion and a 52-week high of Rs 584.90, the stock showcases resilience in a competitive market.
Stock Details
Apollo Tyres’ financial snapshot highlights its solid market standing. Below is a concise table detailing the stock’s key metrics:
| Metric | Value |
|---|---|
| Open Price | Rs 537.45 |
| Day's High | Rs 543.90 |
| Day's Low | Rs 534.90 |
| Market Cap | Rs 343.91B |
| P/E Ratio | 23.71 |
| Dividend Yield | 1.11% |
| 52-Week High | Rs 584.90 |
| 52-Week Low | Rs 419.25 |
Technical Analysis
Candlestick Patterns
Apollo Tyres’ daily candlestick chart reveals a bullish continuation pattern. The stock recently formed a "bullish engulfing" pattern, signaling potential upward momentum. Trading volumes support this trend, indicating strong investor interest.
Fibonacci Levels
The Fibonacci retracement levels for Apollo Tyres are as follows:
23.6% Retracement: Rs 525.80
38.2% Retracement: Rs 510.50
50.0% Retracement: Rs 500.00
61.8% Retracement: Rs 489.50
If the stock consolidates, these levels can serve as key support zones, while a breakout above Rs 584.90 could push the stock towards higher Fibonacci extensions.
Support and Resistance Levels
Support Levels: Rs 530 (immediate), Rs 510 (secondary).
Resistance Levels: Rs 550 (near-term), Rs 580 (critical).
The stock’s ability to breach the Rs 550 mark on high volumes would signal a bullish breakout.
Competitor Analysis
MRF Tyres
MRF Tyres, a market leader, boasts a premium valuation and a robust product portfolio. While Apollo Tyres focuses on affordability and exports, MRF dominates the high-margin segment in the domestic market.
CEAT Tyres
CEAT Tyres targets the two-wheeler and passenger vehicle segments, posing direct competition to Apollo Tyres. Its aggressive marketing and technological advancements have made it a significant player in the industry.
Actionable Insights for Investors
Buying Opportunity: Investors can consider entering Apollo Tyres near Rs 530, aligning with its support levels.
Profit Targets: The immediate target for short-term investors could be Rs 580, with a potential to test Rs 600 in a bullish scenario.
Risk Management: A stop-loss at Rs 510 is advisable for those looking to mitigate downside risks.
