Tyre stocks to buy: Analysts choose these 3 stocks for up to 27% gains; check details here
Brokerage Prabhudas Liladhar has chosen three tyre stocks for investors. The brokerage has placed its bet on JK Tyre, CEAT, and Apollo Tyres stocks and said from the technical chart point of view, these stocks are good earners.
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06:44 PM IST
For the third day in a row, the benchmark Sensex and Nifty finished at new highs on Tuesday (July 17), boosted by buying in FMCG, telecom, and select IT firms, as well as FII inflows.
The Indian stock market was closed today on the occasion of Muharram.
Meanwhile, brokerage Prabhudas Liladhar has chosen three tyre stocks for investors. The brokerage has placed its bet on JK Tyre, CEAT, and Apollo Tyres stocks and said from the technical chart point of view, these stocks are good earners.
Buy JK Tyre & Industries stock
The brokerage has given a 'buy' call on JK Tires stock. The stock has performed well at the 390 zone of important 200 period MA and corrected the trend by crossing the 50EMA and 100 period MA zones. The current price of the stock is Rs 473.
The analysts have given a target of Rs 600. This means the stock has a potential upside of up to 27 per cent from its current price of Rs 473. The stop loss is to be kept at Rs 435.
According to the analysts, "RSI (relative strength index) has shown strength and there is a possibility of even more upside from the current price. If the stock strongly crosses the Rs 510 zone, the trend may become stronger, and further gains can be expected."
CEAT Ltd share price target
CEAT stock has performed well recently, crossing the 50EMA and 100 period MA and correcting the trend. Currently, the stock is trading at Rs 2725.9. The target price on this is Rs 3,350, which is an upside target of 23 per cent. Stoploss should be kept at Rs 2,520.
The stock has maintained a positive trend showing a higher bottom formation pattern on the daily chart. RSI has fallen below the overbought zone and is indicating a reversal, due to which there is a possibility of an uptrend in the current price. If the stock exceeds Rs 2,940, a trendline breakout may occur here.
BUY Apollo Tires
Apollo Tires stock has also shown good growth in the last few sessions. The share is currently trading at Rs 550.1. For this, the brokerage has given a target of Rs 686, an upside of 25 per cent from its current price. You can keep the stop loss at Rs 500. The stock has shown a higher bottom formation pattern on the daily chart, which is taking support near the 518 zone, from here there is a bullish trend. If the stock goes above Rs 560, there will be a breakout here.
The views/suggestions/advice expressed here in this article are solely by the brokerage firm. Zee Business suggests its readers consult their investment advisers before making any financial decision.
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