Technical Picks to Keep an Eye On: Affle (India) and APL Apollo Tubes

Affle (India) and APL Apollo Tubes are identified as upside potential stocks based on technical analysis. Both stocks have displayed promising structures and technical setups, including price volume contraction, the potential to bounce back and breakout. Currently trading at Rs 1579.05 and Rs 1126.35 respectively, their price aligns with positive signals from technical indicators like RSI and ADX, suggesting a breakout scenario likely in the coming time.

APL Apollo Tubes Ltd

The daily chart of APL Apollo Tubes Ltd

On the daily chart, the APL Apollo Tubes is presently showing a promising picture; the stock price is consolidating around 50-day EMA. The stock price may resume its strong momentum-up in the coming trading sessions if it manages to cross and close above the upper trendline as plotted on the chart, with the support of decent volume compared to the current volume. Volumes are dry right now and likely to rise soon.

Those considering a possible trade-in APL Apollo Tubes might purchase the stock at the current price with a stop loss of Rs 1520 on a closing basis and aim to capitalize above Rs 1700.

The stock price is currently trading above its 50-day EMA, suggesting it is likely about to turn short-term bullish once more after breakout of the trendline. The stock appears quite neutral when one looks at the Relative Strength Index, which is now trading at 56.51. The ADX of 9 indicates the present state of price momentum, which is moving with low momentum.

In the event of a retracement, it is essential to monitor key support levels, particularly at Rs 1,450. The minor upper resistance is Rs 1,660 and if the stock closes above resistances consecutively, then it may consistently trade above current levels.

APL Apollo Tubes Ltd. engages in the manufacture and sale of electronic resistance welded steel tubes.

Affle (India) Ltd

The daily chart of Affle (India) Ltd

Affle (India) Ltd current performance is indicated by a favorable technical setup. The company’s shares are now trading at Rs 1,126.35 and may continue the uptrend from the current level. The stock price is currently trading slightly above the 50-day EMA.

Those interested in possible trade in Affle (India) could purchase the stock at the present price, setting a stop loss below the 50-day EMA at Rs 1,090, and aim for a target price higher than the level of Rs 1,200 and Rs 1,280.

The stock is trading above its all-important moving averages, and it is expected to find support near Rs 1,040. The Relative Strength Index is trading near mild bullish levels at 61.82. This implies there may be potential for an increase in stock price strength. The ADX, now around 19, shows normal momentum and directional strength.

The level at Rs 1,000 serves as a crucial indicator for corrective movement, and the overall market structure favors traders if the stock sustains the level of Rs 1,120 and trades above it.

Affle (India) Ltd. engages in the provision of mobile advertisement services.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.