APL Apollo tubes ($1,543.8)
floating around a base
APL Apollo Tubes stock has been charting a sideways trend for the last two months. The limits of the range are โน 1,515 and โน 1,740. Closing at โน 1,543.8 last Friday, the stock is now near the bottom of the range. Since the overall trend is bullish, the chances of a rally from here are high. You could retake the test โน 1740.
Even if the price falls below โน1,515, the stock has another support at โน1,470. A fall below โน1470 is less likely. Therefore, one can now buy shares for around โน1544. Accumulate if the price drops to โน1490. Place a stop-loss at โน1425 initially. When the stock crosses INR 1,655, modify the stop loss to INR 1,590. Further adjust the stop-loss to โน1650 when the bonus touches โน1700. Liquidate the longs at โน1730.
Atul ($6,450.50)
Downtrend likely to resume
Atul shares have been on a constant downward trend since August last year. The decline began after facing resistance at โน9,500. A fortnight ago, the bond fell below a support of Rs 6,550, hinting at the start of the next decline. But there could be a small rally to Rs 6,600 this week. Post this, Atul share price could resume the decline and reach Rs 5,850 in the near term.
Therefore, traders can sell Atul at the current level of โน6,450. Add shorts if the price rises to โน6600. Place a stop-loss at โน6785 initially. Move the stop loss to โน6,325 when the stock goes down to โน6,125. Further adjust the stop-loss to โน6,100 when the price goes down to โน6,050. Book profits to โน5,875.
Torrente Pharmaceuticals ($1,959.95)
Confirm the ascending triangle.
Torrent Pharmaceuticals stock has been facing stiff resistance at Rs 1,950 since early September. Therefore, the resumption of the uptrend seemed to have stopped. However, on Friday, the stock crossed Rs 1,950, giving new hope to the bulls. Notably, the breakout has confirmed an ascending triangle pattern, indicating further upside.
The prevailing price action suggests that the stock could moderate to โน1,930 from the current level and then resume the rally. There is a possibility that Torrent Pharmaceuticals share price may appreciate up to โน2,070. So, go long now at โน1960. Buy more if the price goes down to โน1935. Stop loss can be โน1900. Change the stop-loss to โน1950 when the stock rises to โน2010. Exit at โน2070.
