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Ashok Leyland Share Price Today: BREAKOUT! Experts give 'share to buy' tag now
Ashok Leylanland share price today: Ashok Leyland opened on the higher side today and shot up 5.61 per cent to Rs 123.30 mark.
Ashok Leylanland share price today: Ashok Leyland opened on the higher side today and shot up 5.61 per cent to Rs 123.30 mark. According to stock market experts, this rise in Ashok Leyland price is due to the market speculation about strong March quarter results of the company. They said that after scrappage policy announcement, Ashok Leyland stock is expected to get a big boost and auto sales in the January to March quarter have picked up and that is expected to get reflected in the quarterly results. They advised investors to buy Ashok Leyland shares at current levels for the target up to Rs 134 in two week time-horizon.
Speaking on the possible reason for rise in Ashok Leyland share price, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "After scrappage policy announcement, Ashok Leyland is expected to get major benefit of the new auto sales fuelled by the government policy. Apart from this, January to March quarter auto sales have been strong and that is also expected to get reflected in the quarterly results. This rise in Ashok Leyland should be seen as a result of both reasons working in combination."
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Highlighting the small breakout formation in the Ashok Leyland technical chart, Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "Ashok Leyland has made a small breakout by sustaining above Rs 115 levels. My advice to those who have Ashok Leyland stock in their portfolio is to maintain the trailing stop-loss at Rs 115 for the immediate target of Rs 126 and next target of Rs 134. One can buy Ashok Leyland maintaining stop loss below Rs 115 for the same targets in next two week time."
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