Ashok Leyland is a share to buy for 20 pct returns in one month, say experts
Ashok Leyland stock has been consistently making higher tops and higher bottoms after touching a low of 80 in June 2019, say experts.
Share to buy: Ashok Leyland stock has been consistently making higher tops and higher bottoms after touching a low of 80 in June 2019. In the process, the stock has reversed its recent downtrend and entered into a new short term uptrend. Stock market experts are of the opinion that post-budget 2019, domestic indicators have very little role to play at Dalal Street. Now it's the fundamentals and technicals of the counter and the global indicators like Fed rate cut, US job date etc. that is going to play a major role here. The market experts are opining that the Ashok Leyland stock has made double bottom formation and showing a bullish trend in both short-term and mid-term perspective. One can buy the counter for the target of Rs 105 per stock levels in short-term perspective means one month. Currently, the counter is oscillating around Rs 87 per stock.
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Giving technical details of Ashok Leyland share price Subash Gangadharan, Technical Research Analyst, HDFC securities said, "Technical indicators are giving positive signals as the stock trades above the short term (13 day SMA) and medium term (50 day SMA) moving averages. Intermediate momentum indicators like the 14-week RSI too are in rising mode and not overbought." He went on to add that Ashok Leyland has been consistently making higher tops and higher bottoms after touching a low of 80 in June 2019. In the process, the stock has reversed its recent downtrend and entered into a new short term uptrend.
On the suggestion to the stock market investors in regard to Ashok Leyland shares Prakash Pandey, Head of Research at Fairwealth Securities said, "Ashok Leyland counter has made double bottom formation that makes it bullish in both short-term and mid-term perspective. The counter is poised to show Rs 105 per stock levels in one-month time. One can buy Ashok Leyland shares at current market levels for the target of Rs 105 per shares in short-term taking a stop loss at Rs 77."
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