ASHOKLEY: – Ashok Leyland is a manufacturer of Light and Heavy Commercial Vehicles. The stock is a large cap stock from Automobile industry has a market capitalization of around 26757 crores.
Technically, the stock price has shown deep correction from the level of 167 to 78 almost 90 points or 53%. The stock price since it correction from the level of 167 facing crucial resistance at the downward trending resistance line. The stock price is now trading with positive momentum and holding above the moving average of 50 days. The price action if breaches the resistance line with conviction to the higher side may continue the uptrend to the level of 98-105 in the coming time. Whereas below the resistance line, the stock price expected to face selling pressure near the resistance line and may correct down to 85 in the short run.
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