The short-term outlook is bearish for the inventory of Ashok Leyland. The inventory fell over 2 per cent on Thursday, breaking under the important thing assist at ₹176. This degree of ₹176 will now act as an excellent support-turned-resistance and can cap the upside. The 21-Day Shifting Common (MA) has been capping the upside constantly because the starting of this month. This means a scarcity of robust patrons to take the worth larger.
The inventory can fall to ₹171-170 throughout the day at present. Intraday merchants can go quick at present ranges. Add extra shorts on an increase at ₹175.50. Hold the stop-loss at ₹177. Path the stop-loss right down to ₹173.50 when the worth falls to ₹172.50. Transfer the stop-loss additional right down to ₹172.50 when the worth touches ₹171.50. Exit the quick positions at ₹171.
(Observe: The suggestions are primarily based on technical evaluation. There’s threat of loss in buying and selling.)
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