Defence stock Apollo Micro Systems surged 12% during Friday’s trading session after receiving authorization from the Defence Research and Development Organisation (DRDO) to act as the production agency for the Multi-Influence Ground Mine (MIGM) – Vighana.
Additionally, the company announced that it has entered into an agreement with DRDO for the technology transfer (ToT) of the Omni-Directional multi-EFP warhead for the NASM-SR missile.
Apollo Micro Systems share price today opened at an intraday low of ₹243.25 apiece on the BSE, the stock touched an intraday high on ₹271.60 per share. Anshul Jain, Head of Research at Lakshmishree, said that Apollo Micro Systems shares, in the last 22 sessions, Apollo has surged over 67%, showing a strong upward trend. However, the past five sessions have been marked by heavy volumes, signaling a climatic kind of move on lower-degree charts.
“This indicates that the stock may be entering an overheated zone in the short term. Immediate support is placed at ₹240, and a breach below this level will confirm the end of the short-term upmove, triggering profit booking. The structure at this juncture suggests that upside potential is capped for now, and traders should remain cautious,” said Jain.
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