Comments
The short-term outlook is bearish for the stock of Ashok Leyland. The stock fell over 2 per cent on Thursday, breaking below the key support at ₹176. This level of ₹176 will now act as a good support-turned-resistance and will cap the upside. The 21-Day Moving Average (MA) has been capping the upside consistently since the beginning of this month. This indicates a lack of strong buyers to take the price higher.
The stock can fall to ₹171-170 during the day today. Intraday traders can go short at current levels. Add more shorts on a rise at ₹175.50. Keep the stop-loss at ₹177. Trail the stop-loss down to ₹173.50 when the price falls to ₹172.50. Move the stop-loss further down to ₹172.50 when the price touches ₹171.50. Exit the short positions at ₹171.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.