Update on Ashok Leyland; Share price: 109; Target 157; Time: 1 year; SL 97.5.
Technically on daily charts the stock is bearish and will find resistance at 125 in the upside. Stock has good Support at 100 on closing basis. Have a SL of 97.5 on Day Close price. Stock will pullback towards 115 and 123 in 2 weeks and 6 weeks respectively.
On weekly charts, the stock is in good accumulation zone for medium to long term investors. Stock is finding good support at 200 ema on weekly charts at 100. Accumulate for a target above 150 in 6 months to 1 year time frame. Below 95, the stock can test 80 technically. At 80, stock can be aggressively added to the portfolio.
Fundamentally, the stock is cheap and price looks attractive; accumulate for a target of 157 in a year.
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