Buy Ashok Leyland in Rs 104-106 range: Shabbir Kayyumi

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Shabbir KayyumiNarnolia Financial Advisors

After giving a breakdown below Rs 123 levels, Ashok Leyland slipped sharply towards its lower level but parity on the weekly time frame chart can provide a halt to the downtrend in the near-term.

RSI seems to be bottoming out in an oversold zone which raises the possibility of a bounce back on the higher side. Looking at the aforementioned rationale, one can buy this at the levels of Rs 104-106 with a stop loss of Rs 90 and an upside target of Rs 135.

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