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On the technical charts, the RSI of the stock stood at 40.12.

Analysts suggest that buying in select stocks on a positional basis can deliver strong returns in the near term.

“After a very long time, we are seeing some initial signs of revival in India’s investment cycle. Engineering and capital goods as a sector has done pretty well over the last 12 months. I still think that it is very early days for the sector. Leadership will come from domestic economy and domestic economy-oriented sectors while global sectors could remain challenged for some more time to come.”

As of 30-Jun-2022, promoters held 59.45 per cent stake in the company, while FIIs held 23.1 per cent and domestic institutional investors had 4.21 per cent.

"Currently, we see lots of opportunities in the small and midcap space, particularly ethanol, 5G, and auto sectors. We believe that this Samvat to next Samvat should be positive for Indian markets considering the positive long term outlook of large foreign institutions towards India, and high growth opportunities and business conviction."

JPMorgan initiated coverage on Apollo Tyres with an overweight rating with a target of Rs 370. The management vision of FY26 prioritises sustainable performance, it said.

The Relative Strength Index of the stock stood at 51.84 on Wednesday.

Based on the aforementioned rationale, the stock can be accumulated in the range of Rs 975 to 950 range with a stop loss of Rs 920. On the higher side, the stock has an upside potential up to the Rs 1,080 level, recommends Shah.

Earlier last week, the company obtained a go-ahead from the National Company Law Tribunal (NCLT) for the listing of its equity shares. Furthermore, the listing of the stock is well in line with the company’s plan to list it by the third quarter of the current fiscal year.

The Nifty Realty index was trading 0.41 per cent up at 427.2.