Target: Rs 154
Stop Loss: Rs 132
Ashok Leyland has recently broken out of a rounding bottom formation, consistently making higher highs and higher lows on the daily chart. This breakout was followed by a successful retest, and the stock is now showing renewed upward momentum. The move past its recent swing high, along with the formation of a bullish candle marking a fresh all-time high, adds to the confluence of bullish signals that strengthen the overall setup. A decisive close above Rs 140, supported by strong volumes, would further confirm the breakout and open the path toward Rs 154 in the near term.
From a trading perspective, a buy-on-dips strategy near the current level looks attractive, with immediate support at Rs 134 and a stop-loss at Rs 132 to manage risk.
(Amruta Shinde, Research Analyst, Choice Broking)
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