So this sub-range breakout may be on the cards (or not).
The stock has taken support from the since March & the support is at 50.5.
The Fib retracement levels are drawn on chart - for detailed analysis of it, please see the linked Ashok Leyland Fib levels idea.
Go long above 52.6 for 53.5, 54, 55, 56 & 58 with SL at 51 for intra-day trade & 50 for those taking July expiry positions. (Adjust for futures' prices).
Shoring trades will only be attractive with the breach below 50 on the hourly chart to open targets till 48 if not lower.
Shorting trades will only be attractive with the trend line breach below 50 on the hourly chart to open targets till 48 if not lower