Buy Ashok Leyland at a price target of Rs 107 and a stop loss at Rs 90.
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Apr 15, 2019, 03.21 PM IST
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Kkunal Parar of Choice Equity Broking has a buy call on Ashok Leyland with a target price of Rs 107.
The current market price of Ashok Leyland is Rs 95.55.
Time period given by the analyst is two weeks when Ashok Leyland price can reach the defined target. Parar recommended keeping a stop loss at Rs 90.
"On a daily scale, the stock has been trading in Falling Channel formation and has given a breakout with good volume activity which suggests one can remain positively biased in the counter. Furthermore, A daily momentum indicator RSI reading is at 65.48 level with a positive crossover and trending upward which points out for a positive breath in the stock," he said.
Ashok Leyland, incorporated in the year 1948, is a large cap company (having a market cap of Rs 28,078.32 crore) operating in the auto sector.
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