Ashok Leyland have better support at 70-74 range.
Around 12-15% bounce we can expect from above support range.
Target Range: 83 - 86
Expected duration : 6 to 8 weeks
Risk Alert: Do not take this idea/analysis as trade decision for your trading. Go through this and take decision by yourself. Trading financial instruments involves high risks including the risk...
NIFTYAUTO index has been on a downtrend traversing through key supports. Now 7000 seems to be the support of last resort for the index.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not...
Ashokleyland is on a breakdown - As per the trend.
We expect it to break down and go on a further downtrend. Or it may shoot little up and come down to the target.
So watch and try to understand the action.
Understanding :-
We can see the stock is in a bear move. And it is in a symmetrical triangle.
We understand the symmetrical triangle is a temporary pause...
ASHOKLEY (Ashok Leyland Ltd) BUY ABOVE 91
Respecting the trendline at the lower level. Breaking the upper trend line will give a breakout in stock upto a target of 95.
As per the Auto Index chart, it is consolidating in a downward diagonal channel, but there are companies in auto sector, (industrywise) which may outperform due to their strong fundamentals.
In Automobile Sector - Leading Companies Industrywise
1. AshokLeyland (Commercial Vehicle)
2. Jamna Auto/Automotive Axles (Auto Ancillaries)
3. VSTTractors/ Escorts ...
Ashok Leyland last day open with 96.10 making hingh 97.75 low 95.60 as well as close with 96.50 if we are following harmonic pattern ashok leyland will be down its a create to pressure at 97.75.
The down trend seems to be over and it is important to sustain 95-96 levels for the uptrend to continue. It can be bought around current levels for medium term investment.
