Nifty Outlook:
Nifty index continued its formation of higher highs – higher lows for seventh consecutive session and headed towards 10,050 zones. It closed above its 61.80% retracement of the entire down leg from 10,178 to 9,687 and thus making the way to head towards new high territory. It formed a Doji candle for second day in a row and this candle suggests that Bulls and Bears are fighting hard near 10,000 mark. Now it has to continue the formation of higher lows to extend the move towards 10,080, and then 10,150 zones, while on the downside support is seen at 9,980 then 9,950 levels.
Stocks: ASHOK LEYLAND
Reco: BUY
Last Close: Rs 126
Stop Loss: Rs 123
Target: Rs 132
Ashok Leyland is in a strong uptrend and is trading at new high territory. We have also seen buying interest in entire auto sector which also favours the positive stance of the counter. Price has been consolidating near its higher zones in a narrow range for last couple of days between Rs 122 and Rs 126. Price managed to give a breakout of this range and has given a flag breakout pattern. Price is likely to see more upside towards Rs 132.
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