Wednesday, January 4, 2023

A LOOK AT THE STOCKS OF RBL BANK & APOLLO TYRES

 After rising for two consecutive sessions, domestic indices traded lower on Wednesday.  Sensex decreased by 176 points, or 0.29%, to 61,119, while the Nifty decreased by 63 points, or 0.35%, to 18,169. Heavyweights in the index like Reliance Industries, Infosys, HDFC, and TCS led the weakness.
BUY RBL BANK FUT 2 LOTS ABOVE 185 TARGET 188.50/192 SL 170
Since it has been rising in a bullish channel formation for the past seven months, the counter is in a classic uptrend. The counter's structure is very profitable because it trades above its crucial moving averages and has higher highs and lower lows. It has formed a bullish three white soldiers candlestick pattern on the longer time frame, indicating significantly more upside potential for this counter. The force pointer RSI is exchanging over the 60 imprint with a positive predisposition, while MACD is seeing a centerline hybrid. Positively, Rs. 190 will act as an immediate support; Above this, we can anticipate a significant move up to Rs 234 levels, while the major support during any correction is Rs 167 on the downside.

BUY APOLLO TYRES FUT 2 LOTS ABOVE 322 TARGET 328/336 SL 310
After making a new all-time high and beginning a new uptrend toward Rs 340 levels, the stock has retested its previous breakout level of Rs 302.Positively, Rs. 340 is a vulnerable area; Above this level, we can anticipate a rise to 354 levels in the near future. Negatively, Rs. 303 is significant support during any correction. The momentum indicator RSI is also poised in a positive direction, while the MACD (moving average convergence divergence) is supporting the current strength.
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