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B. Krishnakumar

Ashok Leyland (Rs 29): The outlook is positive and the stock appears to have the potential to move to the target zone of Rs 36-38 range.

There is, however, a possibility of a drop to Rs 24-25 range. This possibility would be validated if the stock closes below Rs 26.4.

A close above Rs 30 would indicate the continuation of the rally to the Rs 36-38 range.

Investors may hold with a stop-loss at Rs 23. Fresh exposures may be considered at prevailing levels and on weakness, with a stop-loss at Rs 23.

Exposures may be enhanced on a close above Rs 30. Stop-loss may be placed at Rs 27 for exposures taken on a break above Rs 30.

IPCL (Rs 238.1): After an uptrend in the past few months, the stock has moved into a corrective phase Tuesday.

The near-term trend is bearish and a test of Rs 220-222 range appears likely. Existing investors may reduce exposures by taking partial profits.

As the long-term trend is bullish, fresh exposures may be considered at lower levels.

Evidence of support at around the Rs 220-222 range may be used to take long positions with a stop-loss at Rs 200.

Short-term traders with a high risk appetite may consider short-positions with a stop-loss at Rs 247.

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