Stock Market Today: Ashok Leyland share price scaled 52-week highs of ₹207.45 on the NSE on Thursday before closing at ₹206.70 levels. Ashok Leyland share price has gained more than 28% since March Lows.
Ashok Leyland share price remains momentum pick of Axis Securities who expects more than 12% gains for the stock
₹203- ₹199 remains the buy range for Ashok Leyland share as per Axis Securities. The Target price for Ashok Leyland Share price stands at ₹223-232, which indicates more than 12% gains for the Ashok Leyland Share price.
The trend reversal as pr Axis Securities for Ashok Leyland share price has taken place at close to ₹190 level.
Ashok Leyland share price broke above a 9-month consolidation zone between 192-160, reaching a high of 205 post-breakout, subsequently testing the breakout area and bouncing back, reaffirming its positive bias.
The 20 day standard moving average for Ashok Leyland share price stood at ₹190 and 200 day SMA stood at ₹177.
The Ashok Leyland share price is exhibiting a pattern of higher high-low formations on a weekly chart while maintaining position above a medium-term upward sloping trendline, suggesting a sustained uptrend, said Axis Securities.
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The stock’s ability to maintain levels above key short and medium-term moving averages (20, 50, 100, and 200 days) signals a positive bias in its trajectory as per Axis.
The weekly Relative Strength Index (RSI) holding above its 9EMA (exponential moving average) reference line indicates a bullish bias for Ashok Leyland share price.
After breaking out of the consolidation zone, the Ashok Leyland share price is anticipated to sustain its upward momentum, targeting a towards ₹223- Rs232, said Axis Securities,
The 20-day, 50-day, 100-day, and 200-day moving averages are important moving averages in technical analysis that are frequently used to evaluate trends and support/resistance levels. They shed light on both short- and long-term price trends, and changes in market mood are sometimes indicated by crossovers and linkages between these averages.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions
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Published: 16 May 2024, 04:11 PM IST
