Ashok Leyland share price plunged around Rs 11 from Rs 80 per stock levels last week. While stock market experts were busy finding levels where the free fall of the Indian share market will stop, experts following auto stocks were looking at the ‘huge money-making’ opportunity in Ashok Leyland shares. According to them, Ashok Leyland stock price is expected to hit Rs 112 per stock levels in around one-year time-horizon as the new scrap policy is expected to give whopping benefit to the auto companies and Ashok Leyland would definitely be one of those major beneficiaries of this new scarp policy. In their view, Ashok Leyland is the share to buy for whopping returns, but in the long-term.
Speaking on the new scrappage policy aiding Ashok Leyland share price NL Raghunandhan, Research Analyst at Emkay Global said, “We expect a gradual recovery in MHCVs from H2FY21, helped by a low base, replacement demand, better macros and the likely implementation of a scrappage policy. LCVs and Exports are expected to witness robust growth of new products and network expansion.” On his suggestion to the share market investors in regard to the Ashok Leyland shares, Raghunandhan said, “We recommend share market investors to buy Ashok Leyland shares for the target of Rs 112 in one year.”
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Calling Ashok Leyland share price expected rise a huge money-making opportunity for share market investors; Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, “Ashok Leyland is a good share to buy at current levels. In the immediate short-term, the Ashok Leyland share price may showcase Rs 85 to Rs 90 per stock level. In my opinion, one should buy Ashok Leyland shares at current levels for the target of Rs 90 in immediate short-term time horizon.”
However, SEBI registered technical equity expert Simi Bhaumik had some other strategy in regard to Ashok Leyland shares. Bhaumik said that Ashok Leyland shares have strong support at Rs 65 per stock levels and one can buy Ashok Leyland shares at current levels and keep on adding till it is above Rs 67. She said that once the market will regain its momentum, Ashok Leyland share price will soon hit Rs 85 per stock levels in the short-term perspective. So, the recent dip in Ashok Leyland shares should be seen as a huge ‘money-making opportunity’ for the stock market investors, said Simi Bhaumik. However, she strongly advised investors to maintain a stop loss below Rs 65.