Short Ashok Leyland, says Shubham Agarwal

Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "If you look at the development in Ashok Leyland, we expect consolidation to happen. If you look at the past two days development, the uptrend that was there intact in the stock, seems to come to an end. We expect that within this overall broad pattern which has the support at around Rs 80 and the resistance at around Rs 98 should remain intact and there is a high probability of mean reversal happening on the downside.""This is the reason we are recommending a short in the stock for a target of Rs 82 which is marginally above the important support of Rs 80 and a stop loss for the same can be kept above the swing high which is at Rs 98," he said.