Ashok Leyland Stock Rebounds, Buy at ₹208 with Target ₹230

Strong Uptrend Since April

Ashok Leyland has maintained a steady uptrend since April last year, initially gaining traction after finding support at ₹100. The stock surged to a record high of ₹215.35 on February 11 before experiencing a mild correction.

Key Support and Buy Recommendation

On Friday, the stock rebounded from the crucial ₹202 support, where the 21-day moving average aligns with a trendline, indicating renewed bullish momentum. Analysts recommend buying at ₹208, with an initial stop-loss at ₹200. Adjust the stop-loss to ₹206 as the price reaches ₹215, and tighten further to ₹210 near ₹225. The stock is expected to rally to ₹230 in upcoming sessions, making it an attractive option for short-term traders. The bounce from key technical levels reinforces market confidence in its near-term performance.