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Last Updated : Mar 31, 2017 11:01 AM IST | Source: CNBC-TV18

Ashok Leyland may break below Rs 81, test Rs 76; JSPL to remain range bound: Mitessh Thakkar

According to Mitessh Thakkar of miteshthacker.com, Ashok Leyland may break below Rs 81 and test Rs 76 while JSPL to remain range bound.

Mitessh Thakkar of miteshthacker.com told CNBC-TV18, "Ashok Leyland has clearly gone into some kind of a downtrend already. There is some support around the Rs 81.50 to about Rs 81 mark. But my sense is that eventually it will be broken and we might see retest of around levels of Rs 76. So, I would not be quite positive and I think any pullbacks and I would be willing to short this one." 

"Jindal Steel & Power has gone in some kind of sideways correction. My sense is that we are in for some kind of range bound trading between Rs 115 to about Rs 129-130 on the upside and that might be the case for the next couple of weeks," he said.

"The intraday setup for ACC and Ambuja Cements are good, both are up above 0.5 percent. They can see some more traction and Jindal Steel & Power after the opening is showing more strength. So, I would be buyer there as well. I think Rs 120 and Rs 130 the upper end of the range could be hit and I would be a buyer with a stop loss at Rs 119. Cement names are the ones where I would want to take a one to two days kind of a trading bet."

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First Published on Mar 31, 2017 10:07 am
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