Ashok Leyland share price has been range-bound for the last one month. In the last one month trading sessions, the auto major’s stock has made its low of Rs 46.95 while its high during the same period is Rs 56.25. According to the stock market experts, Ashok Leyland shares got hit during the Coriolanus lockdown as the commercial vehicle sales both in India and overseas got affected drastically, but after the unlock process came into operation, things are expected to improve in the coming quarter. They said that Ashok Leyland shares are currently in the range of Rs 46 to Rs 60 mark and have strong support around Rs 45 per stock levels.
Speaking on the Ashok Leyland share price outlook in near six month time horizon, Sumeet Bagadia, Executive Director at Choice Broking said, “Major trigger for the Ashok Leyland share price in coming six months would be unlocking of the global economy leading to rise in commercial vehicle use. Since, Ashok Leyland is a market leader in commercial vehicle segment, it is expected to get benefit from this unlock process.” Bagadia said that the auto major share price is in the range of Rs 45 to Rs 60 per stock levels and once it breaks the upper range, we can expect it to showcase Rs 75-80 per stock levels.
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Giving technical details of the Ashok Leyland shares Rohit Singre, Senior Technical Research Analyst at LKP Securities said, “Ashok Leyland shares have strong support at Rs 45 levels and is testing resistance at around Rs 56 per stock mark. But, after the unlock process being implemented both in the domestic market and in the global markets, one can expect the auto major to break this sideways trade and if that become possible we can expect it to showcase Rs 65-66 per stock levels in the short-term time horizon.”