Ashok Leyland Limited Stock Forecast

Ashok Leyland Limited stock upgraded to Hold/Accumulate.
(Updated on Apr 24, 2024)

ASHOKLEY.NS Signals & Forecast

The Ashok Leyland Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹173.58 and ₹170.98. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 4.87%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Thursday, February 01, 2024 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Ashok Leyland Limited stock

Ashok Leyland Limited finds support from accumulated volume at ₹176.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹4.00 (2.29%) between high and low. For the last week, the stock has had daily average volatility of 2.42%.

Our recommended stop-loss: ₹170.06 (-4.24%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 3 days ago.)

Trading Expectations (ASHOKLEY.NS) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect Ashok Leyland Limited to open at ₹176.80, and during the day (based on 14 day Average True Range), to move between ₹173.47 and ₹181.73, which gives a possible trading interval of +/-₹4.13 (+/-2.33%) up or down from last closing price. If Ashok Leyland Limited takes out the full calculated possible swing range there will be an estimated 4.66% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹177.80 (0.11%) than the support at ₹176.50 (0.62%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Ashok Leyland Limited stock A Buy?

Ashok Leyland Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.507 Hold/Accumulate Upgraded

Predicted Opening Price for Ashok Leyland Limited of Thursday, April 25, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.