Apollo Tyres Limited Stock Forecast
Apollo Tyres Limited stock upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.
(Updated on Jun 13, 2024)
The Apollo Tyres Limited stock price fell by -0.230% on the last day (Thursday, 13th Jun 2024) from ₹477.85 to ₹476.75. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 1.27% from a day low at ₹475.90 to a day high of ₹481.95. The price has been going up and down for this period, and there has been a 2.01% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -51 thousand shares and in total, 50 thousand shares were bought and sold for approximately ₹24.06 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Apollo Tyres Limited stock with a 90% probability to be traded between ₹460.60 and ₹527.05 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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APOLLOTYRE.BO Signals & Forecast
The Apollo Tyres Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹478.44 and ₹481.96. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, June 10, 2024, and so far it has fallen -2.04%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. Some positive signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
A buy signal from a double bottom formation was found on Tuesday, June 04, 2024 and based on theory for this formation the price should go up by 19.20% to ₹568.27 within 47 trading days since signal was issued (Friday, June 14, 2024).
Support, Risk & Stop-loss for Apollo Tyres Limited stock
Apollo Tyres Limited finds support from accumulated volume at ₹474.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹6.05 (1.27%) between high and low. For the last week, the stock has had daily average volatility of 1.94%.
Our recommended stop-loss: ₹454.96 (-4.57%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (APOLLOTYRE.BO) For The Upcoming Trading Day Of Friday 14th
For the upcoming trading day on Friday, 14th we expect Apollo Tyres Limited to open at ₹478.20, and during the day (based on 14 day Average True Range), to move between ₹462.00 and ₹491.50, which gives a possible trading interval of +/-₹14.75 (+/-3.09%) up or down from last closing price. If Apollo Tyres Limited takes out the full calculated possible swing range there will be an estimated 6.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹474.05 (0.57%) than the resistance at ₹488.05 (2.37%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Apollo Tyres Limited stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.217 Buy Candidate Upgraded
Predicted Opening Price for Apollo Tyres Limited of Friday, June 14, 2024
| Fair opening price June 14, 2024 | Current price |
|---|---|
| ₹478.20 ( 0.304%) | ₹476.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for APOLLOTYRE.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 484.25 | 1.57% |
| R2 | 481.94 | 1.09% |
| R1 | 480.51 | 0.789% |
| Price | 476.75 | |
| S1 | 475.89 | -0.181% |
| S2 | 474.46 | -0.480% |
| S3 | 472.15 | -0.96% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 509.55 | 6.88% |
| R2 | 490.75 | 2.94% |
| R1 | 488.05 | 2.37% |
| Price | 476.75 | |
| S1 | 474.05 | -0.566% |
| S2 | 473.75 | -0.629% |
| S3 | 471.00 | -1.21% |
APOLLOTYRE Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 14, 2023 | Jul 14, 2023 | Sep 01, 2023 | ₹4.50 | 1.17% |
| 2 | Jun 16, 2022 | Jun 16, 2022 | Jul 11, 2022 | ₹3.25 | 1.57% |
| 3 | Jun 27, 2017 | Jun 27, 2017 | Aug 04, 2017 | ₹3.00 | 1.14% |
| 4 | Aug 01, 2016 | Aug 01, 2016 | Aug 01, 2016 | ₹2.00 | 1.23% |
| 5 | Aug 04, 2015 | Aug 04, 2015 | Aug 04, 2015 | ₹2.00 | 0.92% |
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