ashok leyland share price: Big Movers on D-St: What should investors do with TTML, TVS Motor and Ashok Leyland? – Blue Barrows

Indian market fell on Thursday tracking muted global cues. The S&P BSE Sensex was down by more than 700 points while Nifty50 managed to hold on to 17,500 levels.

Sectorally, buying was seen in telecom, realty, capital goods, and auto stocks while selling was seen in energy, oil & gas, and IT stocks.

Stocks that were in focus include names like TTML which was up 17 per cent,

which rose nearly 3 per cent, and which added nearly 6 per cent on Thursday.

Here’s what Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd recommends investors should do with these stocks when the market resumes trading today:


TTML: Buy
After a long correction, the stock took support near Rs 90 and bounced back sharply. Post reversal, the stock has rallied over 35 per cent so far in the week.

The stock has formed a strong reversal formation but due to temporary overbought conditions, we could see some profit booking at higher levels.

For the swing traders, Rs 120-117 would be the important support level and if the stock manages to trade above the same, then the uptrend wave is likely to continue till 200-Day SMA (Simple Moving Average) level or Rs 140-150.

On the flip side, trading below Rs 117 may increase further weakness up to Rs 110.

TVS Motors: Buy | 52-week high
The stock has rallied over 20 per cent so far in this quarter. On Thursday, the stock hit a fresh all-time high of Rs 1028.80.

Technically, the stock has successfully cleared the short-term resistance of Rs 990 and after the breakout, it accelerated with positive momentum.

On daily and weekly charts, the stock has formed a promising uptrend continuation formation which indicates a continuation of the uptrend soon. For the trend following traders, Rs 990 and Rs 975 would be the key support zone.

If the stock is trading above the same, the uptrend wave is likely to continue. Above this, it could move up to Rs 1060.

Further upside may also continue which could lift the stock up to Rs 1100. On the flip side, below Rs 975 traders may prefer to exit from the trading long positions.

Ashok Leyland: Buy
After a positive consolidation, the stock bounced back sharply and hit a fresh 52–week high of Rs 163.5. In this week so far, it has rallied over 8 per cent and formed a long bullish candle which is broadly positive.

The range breakout texture suggests further upside from the current levels. For the breakout traders, Rs 155 would be the key support level to watch out for.

Above this, it could move up to Rs 170-175. On the flip side, below Rs 155, uptrend would be vulnerable.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)