Aditya Agarwal: Expecting more profit booking in Ashok Leyland

May 04 2016 03:46 PM
Aditya Agarwal: Expecting more profit booking in Ashok Leyland

"We are expecting some profit booking in Ashok Leyland .If we see whole auto pack now, all the auto stocks are seeing some selling pressure at higher levels. The level of Rs 105 in Ashok Leyland was a very crucial support; today the stock has broken that support level.

So we are expecting some long unwinding in it. The stock also can crack towards Rs 98. So, at current level, one may go short keeping a stop loss of Rs 106 and on lower side target will be Rs 98." Aditya Agarwal of Way2Wealth Securities

He added, "The overall structure for ITC   is somewhat bearish. It is trading in a range of Rs 314-335 for last couple of weeks. However, the structure still remains sluggish, we are expecting the selling pressure may continue and on lower side the stock may again test Rs 290-285. So, one should avoid making long position in ITC at least at current level.

If the stock comes in the range of Rs 290-285, that will be a good level where one should initiate long positions. However, long positions at current level is still avoidable and one can go short at current level if it breaks Rs 314 on lower side with target of Rs 290 and on higher side stop loss will be Rs 332,".

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