4 Week Focus : Ashok Leyland Ltd For Target Rs.154 by Motilal Oswal Wealth Management
Ashok Leyland Ltd
Buy Ashok Leyland Ltd CMP 139.5 SL 133 TARGET 154 Risk : 5% Reward : 10%
Technical View
* The stock has been forming a 'Higher Top Higher Bottom' structure since last 6 months indicating an uptrend.
* Recently, the price up moves have been supported by good volumes, while the volumes are low during corrective phase.
* The prices have taken support at its '50 DEMA' and the RSI has given a positive crossover hinting at a resumption of the uptrend.
* We advise traders to buy the stock at CMP Rs. 139.5 with stop loss below Rs. 133 for potential target around Rs. 154 in 4 weeks.
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