Ashok Leyland (₹209.85)
Hovering above a help
Ashok Leyland’s inventory has been on a decline since August final 12 months. The autumn was triggered on the resistance of ₹260. Nonetheless, the worth motion since November reveals that the downtrend has misplaced momentum. For over two months, the inventory has largely remained in a sideways development. Notably, there’s a robust help at ₹200 the place a few trendlines coincide.
Additionally, the long-term development is bullish. So, the inventory can capitalise the ₹200-210 worth band to determine a recent rally. This upswing can elevate the inventory to ₹280. So, purchase at ₹209 and at ₹200. Cease loss might be at ₹185. When the worth touches ₹240, modify the stop-loss to ₹220. Tighten the stop-loss to ₹245 when the inventory reaches ₹260. Exit at ₹280.
Jindal Noticed (₹267.50)
Signifies development reversal
Jindal Noticed’s inventory has largely been shifting in a sideways band of ₹225-270 since mid-January. The value rallied sharply resulting in the inventory breaking out of ₹270 final Thursday. The inventory has moved above each the 20- and 50-day shifting averages. These components trace at a possible bullish reversal in development.
That stated, there’s a risk that the worth can average to ₹250 earlier than the subsequent leg of rally. An upswing submit this will elevate the inventory to ₹375 within the quick run. Therefore, merchants can purchase Jindal Noticed at ₹265 and accumulate at ₹250. Place stop-loss at ₹210 initially. Transfer this as much as ₹300 when the worth rise to ₹320. On a rally to ₹350, alter the stop-loss to ₹330. E book income at ₹375.
Vedanta (₹445.35)
Indicators of a rally
Vedanta’s inventory noticed its worth drop from ₹525 to ₹390 between December final 12 months and February. Nonetheless, it has been appreciating since early March as ₹390 offered help. The value is now above each the 20- and 50-day shifting averages, a optimistic signal. Additionally, on the each day chart the scrip has fashioned a better excessive.
So, the likelihood of a rally from the present degree is excessive. However there is perhaps a worth drop to ₹415 earlier than that. Contributors can go lengthy on Vedanta at ₹445 and purchase extra shares at ₹415. Maintain stop-loss at ₹380. When the worth touches ₹480, revise the stop-loss to ₹460. Elevate the stop-loss additional as much as ₹480 when the inventory hits ₹500. Liquidate the longs at ₹525.
