Prabhudas Lilladher sees 10-20% gain for top tyre stocks

Mumbai: Brokerage Prabhudas Lilladher is bullish on tyre manufacturers such as Apollo Tyres, Balkrishna Industries and MRF on technical factors. These stocks could see upsides of 10-20%, it said. ET takes a look at the brokerage firm's outlook on these stocks:

Apollo Tyres

CMP: ₹192.75


Target: ₹230; Stop Loss: ₹187

Prabhudas Lilladher said the stock has made a higher top higher bottom formation pattern on daily charts. "With the RSI (Relative Strength Index) also turning up to suggest a reversal indicating strength, (it) has made the chart look potentially attractive."

Balkrishna Industries

CMP: ₹2,031.25

Target: ₹2,450; Stop Loss: ₹2,000

The brokerage said the stock has been consolidating for quite some time and maintaining a support level near ₹2,050. "...with decent volume participation witnessed, (it) has made the stock look potentially attractive."

MRF

CMP: ₹69,230.50

Target: ₹76,000; Stop Loss: ₹65,000

The firm said the RSI for the stock is rising and the charts are looking good. "The stock is gradually on the rise with series of higher bottom formation seen improving the trend and is anticipated to rise further with indicators getting stronger."