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Ashok leyland share price
Ashok Leyland share price has good support around 75-77 (NSE Cash Levels Mentioned). Ashok Leyland Minor Trend is sideways. Ashok Leyland Major Trend is up / bullish. Stock can be bought on declines towards support area. 9th Nov 2015 is a very important day as per astro cycle for Ashok Leyland if the share price remains up with significant volumes then the stock could rally towards 96 in the near term.
Ashok Leyland shares price plunged over 5 per cent on Thursday after the company reported its Q2FY16 numbers which were below Dalal Street estimates. Ashok Leyland Q2FY16 Net Profit was up significantly at 287 crore vs 121 crore for the same period last year. The street was disappointed with margins that came in lower by 100 basis points QoQ. Net sales also disappointed the street expectations.
The company reported good growth in market share which has risen from 7 percent to 21 percent. Management is expecting further growth to come in from the north east region of the country. 52 week high is at 99.50 and that could well be crossed in the near term. Hence traders who are currently trapped in long positions could look to average Ashok Leyland on dips. Post 9th Nov 2015 or just post Diwali I will update more details about the stock price. Immediate resistance for the stock price is at 91.25-92 as the gap needs to be taken out for further up move in the counter. Ashok leyland share price forecast is that it will take the top out and also make fresh 52 week highs soon but we will give confirmation for the same only after 9th Nov 2015 or around Diwali.
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