Ashok Leyland share price at 52-week highs: Remains momentum pick of Axis Securities, who expects more than 12% upside
Ashok Leyland share price scaled 52-week highs of ₹207.45 on the NSE on Thursday before closing at ₹206.70 levels. Ashok Leyland share price has gained more than 28% since March Lows. Ashok Leyland share price remains momentum pick of Axis Securities who expects more than 12% gains for the stock ₹203- ₹199 remains the buy range for Ashok Leyland share as per Axis Securities.
The Target price for Ashok Leyland Share price stands at ₹223-232, which indicates more than 12% gains for the Ashok Leyland Share price. Also Read- HAL hits 8% upper circuit after net profit rises 52% to ₹4,308 crore in March quarter, revenue up 18% YoY The trend reversal as pr Axis Securities for Ashok Leyland share price has taken place at close to ₹190 level. Ashok Leyland share price broke above a 9-month consolidation zone between 192-160, reaching a high of 205 post-breakout, subsequently testing the breakout area and bouncing back, reaffirming its positive bias.
The 20 day standard moving average for Ashok Leyland share price stood at ₹190 and 200 day SMA stood at ₹177. The Ashok Leyland share price is exhibiting a pattern of higher high-low formations on a weekly chart while maintaining position above a medium-term upward sloping trendline, suggesting a sustained uptrend, said Axis Securities. Also Read- Hindalco, Vedanta and Nalco shares trade near 52-week highs: What's driving the gains? — explained The stock's ability to maintain levels above key short and medium-term moving averages (20, 50, 100, and 200 days) signals a positive bias in its trajectory as per Axis.
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