Ashok Leyland ex-bonus: The mutlibagger commercial auto stock is showing up to 50 per cent fall in some trading apps today as all these the shares turned ex-bonus, adjusting to the corporate action.
Angel One anticipates the bullish momentum in Ashok Leyland to persist in the short to medium term, driven by robust fundamentals, technical breakouts, and sustained investor interest. The brokerage has maintained a 'Buy' rating on the stock.
Ashok Leyland's shares rose 3.41% to Rs 249.65 after the update, moving above several moving averages.
Brokerage firm Choice Broking has shared its views on select stocks including Hindustan Aeronautics, Ashok Leyland, Tata Elxsi and Hindware Home Innovation.
On the stock-specific front, Ashok Leyland traded lower despite the order win announcement. Last checked, the stock was down 0.79 per cent at Rs 207.
Led by Tata Motors, Indian automobile stocks saw a sharp downfall on Thursday after the US President Donald Trump announced painful tariffs of 25 per cent on all imported vehicles and parts.
IndusInd Bank eventually closed the day at Rs 657.25 on BSE, down 27.02 per cent. This is the same level IndusInd Bank traded at in early November 2020. Ashok Leyland settled the day at Rs 200, down 3.24 per cent.
Choice Broking said that Ashok Leyland is on the verge of breaking out from a falling channel on the weekly chart and it is consolidating near resistance with significant volume, indicating buying interest.
An analyst from Master Capital said that Shriram Finance has witnessed a strong recovery from its recent lows, reclaiming the 200-day EMA, signaling renewed bullish momentum.
SMC Global said that Ashok Leyland has been trading lower as prices witness a corrective phase from its 52-week high of Rs 264 levels till Rs 205 levels over the period of weeks on broader charts.
Ashok Leyland share price: Ashok Leyland shares were last seen trading 1.56 per cent higher at Rs 227.90. At this price, the stock has risen 33.16 per cent on a year-to-date (YTD) basis.