Apollo Micro Systems shares slide 9% on profit booking

Shares of Apollo Micro Systems slumped on Monday, sliding as much as 8.5% to an intraday low of Rs 278.20. The fall extended losses from the previous session, when the stock declined 2.5%. The recent decline in the stocks is likely to have been triggered by investors booking profits.

Apollo Micro Systems has rallied over 62% in the past month and remains up an impressive 175% over the last year, underscoring sustained investor interest in the stock.

Price & Technical Outlook

The Apollo Micro Systems stock recently touched its 52-week high of Rs 321, while the 52-week low stands at Rs 87.99. At the current market price of around Rs 285, the company commands a market capitalisation of approximately Rs 9,659 crore.

From a technical standpoint, the stock’s 14-day Relative Strength Index (RSI) stands at 82.4, which is well above the overbought threshold of 70. An RSI above 80 often indicates that a stock is in overbought territory, suggesting the potential for a short-term pullback or consolidation.

Nevertheless, the broader technical setup remains bullish, as the stock is trading above 7 out of 8 key Simple Moving Averages (SMAs)—ranging from the 10-day to the 200-day SMA—with only the 5-day SMA being breached due to recent weakness.

Also read: Swiggy gets another buy call, this time from Nomura, with Rs 550 target price

Analyst View

According to data from Trendlyne, the consensus recommendation from one analyst covering Apollo Micro Systems is a “Strong Buy”(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)