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Investors with a short-term perspective can buy Ashok Leyland stock. The scrip has surged 2.5 per cent on Monday, the fourth consecutive day of gain.
The corrective fall from the high of ₹56.15 halted just below the 38.2 per cent Fibonacci retracement support at ₹48.2. The stock has reversed sharply higher and is up 11.3 per cent from this low now. This keeps the long-term uptrend in the stock intact.
The recent rally has increased the likelihood of the stock breaking its previous high of ₹56.15 recorded in November and hitting fresh all-time highs in the coming days.
Immediate support is at ₹52.3. The 21-day moving average at ₹51 is the key short-term support.
A rally to ₹56 looks likely in the coming sessions. Traders with a short-term perspective can go long. Stop-loss can be placed at ₹52 for the target of ₹55.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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