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Apollo Tyres stock opened in the green at Rs 559.85 against the previous close of Rs 552.25 on BSE. Later, the stock fell 3.44% from its high to Rs 540.20 on BSE.
As for Bank Nifty, RSI has come down significantly and ended near 36 levels and the next support is anticipated around 45,900 levels while resistance around 46,200 levels, Mehra opined. ....
The price action was supported by strong volume action with traded volume reported over 19.72 lakh shares. Meanwhile, on the BSE the spurt in volume was a whopping 224 times. Momentum indicators RSI and MFI showed days levels at 64 and 65, respectively, according to Trendlyne data. Apollo Tyres shares are currently trading above their 50-day and 200-day simple moving averages (SMAs). ....
The company said the cost of materials consumed was lower at Rs 2,634.92 crore in the second quarter of the ongoing fiscal as against Rs 3,101.56 crore in the year-ago period. ....