This is weekly chart of ashok leyland CMP 121.70, If you see last weeks candel, a dragonfly doji candelstick was form, it indicate a reversal of a downtrend price and start of an uptrend, wait for this week candelstick formation as a confirmation of bullish trend, if 132.30 resistance level is broken in few weeks then stock can give good rally, This is for a short term.
Two days back b.nifty forms a dragonfly doji candle on daily timeframe, followed by a gap up on the next day, now a small pullback towards the trend line.
These indicates some sign of trend reversal going to happen soon.
Today FED meeting going to happen, that reaction will reflect on our market tomorrow weekly expiry, so trade carefully.
Price movement in February has led to formation of dragonfly doji. It has appeared sideways. Technical indicators such as RSI suggests continuation of bullish uptrend. One can get into a short term trade for moderate gains. However, it is recommended to take a long-term view only after dragonfly doji transforms into a directional candlestick - either bearish and bullish.