๐ Ashok Leyland Share Price Soars on 6 May 2024 ๐
Analysts suggest that the overall trend of Nifty is positive. Senior technical analyst at LKP Securities, Rupak Day, stated that Nifty may see range trading in the coming days. This trend will continue until the index breaks the all-time high level of 22,783. On the downside, the index has immediate support at 22,500. However, if it falls below this level, the index could see a further decline.
Rupak Day also mentioned three stocks that investors may consider for potential gains in the coming weeks. One such stock is Ashok Leyland, with a target price of โน205 and a stop-loss recommendation of โน184. Investors could potentially earn up to 14.5% returns in the short term.
Ashok Leyland’s shares have recently shown a positive breakout on both daily and weekly charts. The consolidation breakout is also visible on the monthly chart. The stock price is trading above its short-term moving average, indicating a bullish trend. Additionally, RSI is showing a bullish crossover, suggesting further upside potential. Considering this technical structure, the stock is recommended for purchase around โน193.
On Monday, 6 May 2024, Ashok Leyland’s shares were trading at โน201 with a 0.42% decline.
๐ Other Stock Recommendations:
Godrej Industries: Target price of โน1,100, stop-loss at โน894. Short-term returns of up to 14.5%. Positive breakout from the ‘cup and handle’ pattern.
Finolex Cables: Target price of โน1,200, stop-loss at โน1,000. Short-term returns of up to 14%. Positive movement above the 200-day SMA.
Both Godrej Industries and Finolex Cables show promising technical patterns, indicating potential gains for investors. Consider these stocks for potential short-term profits!
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.