Ashok Leyland: Breakout Pullback Tests Support

Ashok Leyland, ASHOKLEY has seen a sharp upside move from the ₹145–150 base and recently tested the ₹177–178 zone. The latest decline is a pullback after that fast rally, with price currently near ₹169. The broader recovery remains intact because the stock is still trading above the 50-day average near ₹162. The ₹168–170 zone is important in the short term, as it marks the current pullback area after the breakout. Holding above this band can allow price to consolidate and prepare for another move higher. The stronger support remains near ₹161–162, where the 50-day average is placed and where the prior breakout structure can be defended. On the upside, ₹174 is the first hurdle, followed by the recent swing-high zone around ₹177–178. A decisive move above ₹178 can revive the momentum and extend the breakout. A break below ₹161, however, would weaken the recovery structure and signal that the stock may revisit the earlier range.