Quant Pick - Apollo Tyres - ICICI Direct

Time frame: Three months

Derivatives & Quantitative Outlook

The Nifty has been trading with positive bias since mid-April and gained more than 10%. However, significant outperformance is visible among midcap and small cap indices, which have gained 17% and 20%, respectively from their April lows. In the midcap space, Apollo Tyres is one such stock where we expect continued momentum in coming weeks. Our view is on account of continued long OI seen in the stock amid a pick-up in delivery volumes.

The open interest in the stock has remained on the higher side. Despite marginal closure seen in the second half of the May series, the current OI is significantly higher. From just 10 million shares seen in April, the current OI in the stock is almost 15 million shares indicating prevailing long bias. We expect continued accumulation to be seen here, which should propel further upsides.

For details, click on the link below: Link to the report

Shares of APOLLO TYRES LTD. was last trading in BSE at Rs.236 as compared to the previous close of Rs. 237.45. The total number of shares traded during the day was 412965 in over 6112 trades.

The stock hit an intraday high of Rs. 241.5 and intraday low of 232.75. The net turnover during the day was Rs. 97683238.

Source : Equity Bulls

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