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Investors with a short-term perspective can consider buying the shares of Ashok Leyland. The stock rallied 3 per cent on Monday to record a close above its 21-day moving average at ₹50.85. The corrective fall from the high of ₹52.3 on December 19, found support near ₹49 which is its 55-day moving average as well as the 38.2 per cent Fibonacci retracement support level. After consolidating in a narrow range above ₹49 last week, the stock began the week with a strong upmove on Monday. Immediate support is at ₹50.6.
The stock’s key short-term support is at ₹49. The stock can rise to ₹52.5 immediately and to ₹54-55 thereafter.
Traders with a short-term perspective can go long in this stock. Stop-loss can be placed at ₹49.5 for the target of ₹53.5.
The short-term outlook for the stock will turn bearish only on a strong fall and close below ₹49.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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