The stock of Ashok Leyland is currently priced at ₹209.85 and is showing signs of hovering above a support level. The stock has been on a decline since August last year, triggered by resistance at ₹260. However, the downtrend has lost momentum in recent months, with the stock trading sideways. There is a strong support at ₹200 where a couple of trendlines coincide, indicating a potential reversal. The long-term trend is bullish, suggesting that the stock could rally from the ₹200-210 price band to reach ₹280. Traders can consider buying at ₹209 and ₹200, with a stop-loss at ₹185. The stop-loss can be modified to ₹220 when the price reaches ₹240, and further tightened to ₹245 at ₹260. An exit strategy can be set at ₹280.
Jindal Saw is currently priced at ₹267.50 and is indicating a trend reversal. The stock has been trading in a sideways band of ₹225-270 since mid-January, but recently broke out above ₹270. It is now trading above both the 20- and 50-day moving averages, suggesting a potential bullish reversal. There is a possibility of a price correction to ₹250 before the stock resumes its rally towards ₹375. Traders can buy Jindal Saw at ₹265 and accumulate at ₹250, with a stop-loss at ₹210. The stop-loss can be moved to ₹300 at ₹320 and further raised to ₹330 at ₹350. Profits can be booked at ₹375.
Vedanta is currently priced at ₹445.35 and is showing signs of a potential rally. The stock experienced a price drop from ₹525 to ₹390 between December and February but has been appreciating since early March, finding support at ₹390. The stock is now trading above both the 20- and 50-day moving averages and has formed a higher high on the daily chart. This indicates a high probability of a rally from the current level, with a possible drop to ₹415 before the uptrend. Traders can consider going long on Vedanta at ₹445 and buying more shares at ₹415, with a stop-loss at ₹380. The stop-loss can be revised to ₹460 at ₹480 and further raised to ₹480 at ₹500. Profits can be taken at ₹525.
