3 tyre stocks hit new highs on breakout; charts show up to 21% upside ahead

Selective tyre stocks are displaying resilient chart structures, poised to scale higher levels from a medium-term perspective.

Selective tyre stocks were spotted reaching new highs, indicating a build-up of robust momentum. Shares of CEAT, JK Tyre & Industries, and Goodyear India clinched to a new historic peak, determined to scale further highs in the coming sessions. 

The optimistic move emerged following the launches of vehicles by Hero MotoCorp, Bajaj-Auto and Maruti Suzuki lately. While Apollo Tyres, MRF and TVS Srichakra have yet to claim their fresh leg of upside, the underlying trend persists to see accumulation.

Here’s the technical outlook of tyre stocks amid striking new peaks:-

CEAT Limited (CEATLTD)

Likely target: Rs 3,000

Upside potential: 21%

Shares of