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The short-term outlook for the stock of Ashok Leyland is bullish. The stock has risen 2.46 per cent on Thursday showing signs of strength. The 21-Day Moving Averge (DMA) has crossed over the 200-DMA. This also strengthens bullish case and indicates that the downside could be limited. Immediate support is at ₹140. Next strong support is in the ₹137-₹136 region. Intermediate dips to these supports are likely to see fresh buyers coming in. The stock can rise to ₹151 in the next one-two weeks. The level of ₹151 is a good resistance. A short-lived dip from ₹151 to ₹145 cannot be ruled out. However, an eventual break above ₹151 will see the rally accelerating towards ₹163 in the next couple of months.
Traders with a short-term perspective can go long at current levels. Accumulate longs on dips at ₹141. If the stock dips below ₹140, buy more at ₹138. Keep the stop-loss at ₹134. Trail the stop-loss up to ₹147 as soon as the stock moves up to ₹151. Move the stop-loss further up to ₹153 when the stock touches ₹156 on the upside. Book profits at ₹158.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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