Ashok Leyland tests a pivotal ₹149 support zone

closed at ₹148.91, almost exactly at the conversion line near ₹148.69. That makes the current area a short-term pivot, but the broader Ichimoku setup remains restrictive: price is below the base line at ₹156.39 and below the forward cloud, which starts around ₹152.54 and rises toward ₹163.10. The stock is therefore attempting to stabilise, not yet confirming a reversal. The recent decline from the ₹160-plus zone has brought attention back to ₹145–149. Holding this band is important because a failure can expose the prior demand area around ₹140–142. The latest small positive candle is useful only if it becomes the start of a higher-low sequence; one session of stability does not remove the overhead supply created during the correction. The upside roadmap is clearly marked by the Ichimoku levels. First, price needs to hold above ₹149 and reclaim ₹152–153, the lower cloud boundary. A close above ₹156.40 would recover the base line and provide the first meaningful improvement. The larger resistance zone remains ₹163–164, while the old swing area near ₹193 is much further away. Ashok Leyland’s commercial-vehicle profile can make it sensitive to cyclical sentiment, but the chart asks for confirmation. For now, watch the ₹145–149 support shelf and require a decisive move through ₹153 and then ₹156 before treating the correction as complete.