🚛 Ashok Leyland Breaks Out from Cup Base – Ready to Drive Higher Momentum!

Technical Analysis: The stock has completed a Cup pattern breakout on the weekly timeframe, signaling the start of a new bullish leg after months of accumulation. Elliott Wave structure indicates completion of corrective Wave 2 and the early phase of impulsive Wave 3, known for strong directional rallies. AVWAP from June 2024 lows continues to act as a major dynamic support near ₹130–₹135 levels. A bullish MACD crossover confirms positive momentum buildup, with increasing volumes reinforcing trend strength. The pattern breakout above ₹140 projects a measured target of ₹180–₹190, aligning with prior swing resistance zones. Fundamental Strength: Ashok Leyland remains a leading player in the commercial vehicle segment, benefiting from cyclical recovery and government infra push. ROCE > 20%, improving margins, and a rebound in MHCV volumes highlight strong operational traction. Continuous focus on electric vehicle development and export expansion adds long-term value to the business. 📈 View: Bullish breakout with improving fundamentals — potential continuation toward ₹180–₹190 in coming months. 🔹 Support Zone: ₹135–₹140 (AVWAP + breakout retest area) 🔹 Invalidation: Weekly close below ₹130