Ashok Leyland: Possibility of Rise

ASHOK LEYLAND Daily NSE Stock Chart Technical Analysis:

Ashok Leyland went gap down on Friday.  Close & CMP: 62.1

Market Outlook:

• There was a gap down opening and the stock closed lower as well.  But seems like there is a chance that the price will now start rising again, or atleast make a short term upward correction.
• If you have short position on this stock, ensure that you are ready for liquidation before your stop gets hit.
• Good chance to take a long position if the price indeed goes up.

Technical Indicators:

• The price went gap down on Friday with good quantity of trading.  
• The MACD shows that stock is deeply underbought.
• The gap down might denote exhaustion of the falling price and possibility of a rise.  However, this can only be confirmed in the next 2-3 trading sessions.

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ASHOK LEYLAND Daily NSE Stock Chart Technical Analysis