Ashok Leyland Limited (ASHOKLEY) Stock - Complete Technical Analysis - Sep 17, 2024

Ashok Leyland Stock Analysis: Key Support & Resistance Levels NSE Technical Insights

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Lets dive into the technical analysis for Ashok Leyland Limited (ASHOKLEY). The stock is currently trading at 241, which is 9% below its 52-week high of 264.65 but 52.84% above its 52-week low of 157.55.

Support and Resistance Levels:

Support: Key support is observed around the 242.75 level. If the stock breaks below this, further support can be found near 229.05 and 204.4.

Resistance: Immediate resistance is seen at 253.7. Beyond this, the stock could face resistance around 267.4 and potentially up to 303.0.

Technical Indicators:

MACD: The MACD is negative, indicating potential bearish momentum.

RSI: The RSI suggests that the stock is nearing oversold conditions, which could signal a potential rebound.

Stochastic Oscillator: The stochastic indicators are showing oversold conditions, pointing towards a possible turnaround.

ADX: The ADX is moderately high, suggesting that the stock is in a strong trend, but it is currently bearish.

Moving Averages: The stock is trading below most of its short-term moving averages, indicating short-term bearishness. The Hull Moving Average supports this view of bearish pressure.

Chart Patterns: The recent chart pattern and indicators suggest that the stock might experience volatility and could be testing the lower support levels soon.

In summary, Ashok Leyland is currently showing signs of bearish pressure with potential support levels around 242.75. Traders should keep an eye on these levels for potential buying opportunities or watch for resistance breakouts to gauge a shift in momentum.