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Shares of Apollo Tyres jumped nearly 16% in five trading sessions from its previous closing low of Rs 228.65 on 10 August 2022. The counter hit a 52-week high of Rs 266.50 in intraday today. The stock has surged 60.3% from its 52-week low of Rs 165.40 recorded on 7 March 2022.
On the BSE, 3.5 lakh shares were traded in the counter so far compared with average daily volumes of 1.96 lakh shares in the past two weeks.
In last one month, the stock has jumped nearly 25.28% outperforming the Nifty 50 index which rose 10% in the same period.
On the daily chart, the stock is trading above its 50, 100 and 200-day simple moving average placed at 207.17, 205.38 and 208.94 respectively. These levels will act as crucial support zones in near term.
On the technical front, the stock's daily RSI (relative strength index) stood at 87.727. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
Apollo Tyres is an international tyre major with manufacturing units in India, the Netherlands and Hungary.
The tyre maker's consolidated net profit surged 49.2% to Rs 190.68 crore on 29.6% jump in net sales to Rs 5,942 crore in Q1 FY23 over Q1 FY22.
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