nano6yogesh

Ashok Leyland – Topped out?

Short
NSE:ASHOKLEY   ASHOK LEYLAND
This stock has been in a major uptrend since December last year.

After a long stretch of upmove, time seems to be ripe for Investors to start booking profits in this stock.

I can see an indication of profit booking commencing from the Negative Divergence and large Bearish Candle that it formed today.

Went short here with a stop loss above 169 for a target near 150 levels.

(However, one has to watch out for Result on May 18.)

Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice.
Please consult your Financial Advisor for any investments.


Comments

Excellent prediction, it has reached below 150 levels. Now results are out, what do you expect on this stock?
Reply
nano6yogesh CHANDRA18
@CHANDRA18, Thanks !! The results are a little below estimates. Plus there is no good news either on the domestic or global front to cheer the market. I think upside if any will be used as opportunities to short and if the stock stays below 150 levels, we might see it go down to 134 as well !
Reply
CHANDRA18 nano6yogesh
@nano6yogesh, Thanks for the update.
Reply
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