New Year Pick 2024 By Sumeet Bagadia, Choice Broking
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ASHOK LEYLAND is exhibiting a robust technical setup on the weekly chart, characterized by a strong breakout of the cup and handle pattern above the crucial 168 levels. The stock, currently trading at 175, has successfully transcended the support zone within a pennant pattern, indicating a resumption of the upward trajectory. A significant aspect of the technical landscape is the stock's adherence to essential moving averages, emphasizing its positive momentum. The retest of breakout levels further reinforces the strength in the stock, providing a solid foundation for potential upside movement. The Relative Strength Index (RSI) at 54 indicates a favourable balance between buying and selling pressures. Investors can strategically approach the stock, considering buying opportunities on any retracement towards the 171 levels. The technical configuration, marked by breakout patterns, moving averages, and RSI, suggests a promising outlook for Ashok Leyland Limited.
Buy ASHOKLEY @ 175 & Upto 171 for the Target of 191/201
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