BSE #APOLLOPIPE MONTHLY CHART VIEW!!
Apollo Pipes Ltd. is trading above previous swing top but looks strong as per technical setup in the long term chart. Weekly swing high above 725 may extend further strength in the stock in medium term.
Keep a watch.
A part of the now famous and in demand APL group of companies.
This stock had a breakout around 415 (My first purchase price) and now is on the verge of a bigger breakout (above 465).
Positional buy only above 466 with a SL below 435. If due to volatility markets are deep in the red then SL can even be shifted higher.
#APOLLOPIPE
Apollo Pipes Ltd. faced resistance from 200 SMA in the weekly chart and change in trend to take place only above 445 level.
Technical parameters looks neutral to positive as of now.
Probable support in the near term comes at 355-360 zone.
Keep a watch.
Apollo Pipes Ltd. faced resistance from 200 SMA and breakout in the stock to take place only above swing high of 360. RSI failing to enter overbought area may be looked as a short term sign of weakness in the stock. Crucial support on the downside comes at 310-315 which may be looked at short term accumulation area for the stock. Keep a watch.
FOR COMPLETE STOCK...
The promoter has been buying the stock off the market. Has recently picked up 5% off the company. Super management.
I would add this in multiple phases. First long above 333 and triple up above 355. (Yes triple only if it properly breaks above 355)
SL after first entry SL 320, If tripled up above 355 SL at cost.
I expect markets to be volatile this week, so...
