APOLLOTYRE Rs 79 looks weak as it has broken down below 50DMA yesterday. Stock not crossing Rs 82 would remain weak and 100DMA at Rs 75 would be next important support while gap at Rs 75 would also support.
CEAT announced its results where net profit dropped by 75% as reason being 40% rise in raw material and 100% jump in Rubber prices which can impact other tyre stocks which has run up too much on expectation that high Auto sales would benefit MRF, APOLLOTYRES, JKTYRE and few Auto ancillary could turn weaker.
UPDATE-
http://akprabhakar.blogspot.com/2010/10/gsfc-rs-327-near-major-breakout.html Stock has made all time high Today looks strong
http://akprabhakar.blogspot.com/2010/10/abgshipyard-weekly-break-out.html ABGSHIPYARD no major correction seen till this settlement as Shorts are trapped
