Support and Resistance Levels for Ashok Leyland
The stock is in upward trend. Seems like some profit booking is happening.
Ideally it should bounce back up from around 220 as it is near 50-55 EMA on daily charts and also it a round number (psychological move).
There might also be a chance that stock will consolidate around 224 for a while before breaking the resistance and continuing on the upward trend.
Fundamentally, the stock has a good EPS dil growth and Revenue growth.
Suggestion: Wait for a sustained positive candle(s) either from 50-55 EMA bounce or breaking the resistance above 224.
Ideally it should bounce back up from around 220 as it is near 50-55 EMA on daily charts and also it a round number (psychological move).
There might also be a chance that stock will consolidate around 224 for a while before breaking the resistance and continuing on the upward trend.
Fundamentally, the stock has a good EPS dil growth and Revenue growth.
Suggestion: Wait for a sustained positive candle(s) either from 50-55 EMA bounce or breaking the resistance above 224.
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