Ceat, JK Tyre stocks have a potential to move up further

Jitendra Mehta, Technical Analyst, Edelweiss, spoke to ET Now on the prospects of tyre stocks. Excerpts:

The tyre stocks, an Apollo is probably one, which has been featuring a lot in terms of the gains but the other ones, an MRF, which went up one day, came down the other day or a Ceat or probably even smaller stocks like a Falcon Tyres, I do not know we have tracked that one or no but any one of these, would you recommend? If somebody has not bought it, can somebody enter into these stocks at current levels?

Have a look at Ceat, if you would see the price pattern of Ceat, it has just been consolidating for a very long time in this trend. Yesterday there was a kind of upmove sharply around this level, so Ceat looks good. On the other names, JK Tyre looks good, both the stocks have a potential to move up further. Apollo Hospital looks into very, very strong momentum, so possibly Apollo would lead the way. The Ceat and JK Tyre might be a next one to look at.