Mehul Kothari expects Ashok Leyland to break its all-time high; Check why



Ashok Leyland

Buy Above: Rs 154

Target: Rs 166

Stop Loss: Rs 148

The stock is on the verge of a breakout which will get confirmed above Rs 154. The daily RSI-14 has already crossed 50 mark and indicates strength. After the confirmation of breakout, the stock has potential to break its life time high of Rs 169.45 in the coming weeks.

Thus, we advise traders to buy the stock above Rs 154 with a strict stop of Rs 148.



Buy Near: Rs 755

Target: Rs 810

Stop Loss: Rs 725

On the daily chart of we are witnessing a range breakout above Rs 750 mark after a consolidation of few months. During the process, the stock has managed to sustain above its 200-day SMA and EMA for considerable sessions and that too after April 2021. This indicates that the stock is about to change its trend.

Thus, we advise traders to buy the stock near Rs 755 mark with a strict stop of Rs 725.

(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).


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