Apollo Micro Systems shares shares with 9% on profit booking

Shares of Apollo Micro Systems fell on Monday and slid no less than 8.5% to an intraday depot of RS 278.20. The fall extended losses from the previous session, when the share decreased by 2.5%. The recent decline of the shares is probably activated by investors who make a profit.

Apollo Micro Systems has more than 62% in the past month and will remain an impressive 175% in the past year, which underlines the investment interest in the share.

Price and technical prospects

The Apollo Micro Systems Stock recently reached its 52 weeks high from RS 321, while the 52 -week layer is on RS 87.99. At the current market price of approximately RS 285, the company has a market capitalization of approximately RS 9,659 Crore.

From a technical point of view, the 14-day relative strength index (RSI) of the share is 82.4, which is well above the overbought threshold of 70. A RSI above 80 often indicates that a share is in overbough territory, which suggests the potential for a withdrawal or consolidation in the short term.

Nevertheless, the broader Technical Setup Bullish remains, because the share trades above 7 of the 8 important simple advancing averages (SMAs) variant from the 10-day SMA-with only the 5-day SMA that is being violated due to recent weakness.

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Analyst View

According to data from Trendlyne, the consensus recommendation of one analyst who covers Apollo Micro Systems is a “strong purchase” (disclaimer: recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the opinion of the economic times)