In the previous session, the Nifty index opened on a negative note and witnessed consolidation on the lower side throughout the day. On the technical note, the index formed a small bearish candle on the chart and closed with a net loss of 89.45 points. Market looks volatile in the coming sessions, hence a cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for Tuesday, February 07,2023′ before the market opens.

Apollo Tyres Ltd.

From past few trading sessions, the stock has been rising continuously in the upward direction with Higher Highs and Higher Lows formation on the daily time scale. As per the Elliott wave’s theory, the price has completed its 4th corrective wave, and now it is moving towards the 5th impulsive wave, which indicates that the positive trend may continue in near future. The momentum indicator Relative Strength Index RSI (14) has also sustained above 62, indicating bullish strength.

In short, the trend for APOLLO TYRES looks to be positive for now. Positions can be created above 340 levels, which was the previous day’s high level . A move above 340 can lift the prices towards 362 levels. If the price will sustain above target levels, then we will review this stock again.

Check More Analysis on APOLLOTYRE at: Apollo Tyres Ltd.