Ashok Leyland Ltd.– Rising Wedge Support & Resistance Levels

Ashok Leyland has spent the last few years carving out a long‐term uptrend, most recently contained within a tightening rising wedge (red). After reclaiming the wedge’s mid‐line around ₹233.6, price is poised between support below and stiff resistance above at ₹263.3. Technical Highlights Rising Wedge (Red): The converging red lines mark a classic rising wedge. While the pattern is bullish within an overall uptrend, wedges often resolve with a corrective pause or pullback. Long-Term Channel (Blue): Prior channel support (blue) underpins the wedge, confirming the broader uptrend remains intact—bulls have been buyers on dips. Horizontal S/R: – Resistance: ₹263.3 (2024 highs & channel top) – Support: ₹233.6 (wedge mid‐line) and then the lower wedge trend near ₹215 Volume: Recent advances have occurred on moderate volume. Watch for a volume spike on either a decisive break above ₹263 or a close below ₹233 to confirm the next move. Key Levels Level Significance ₹263.3 Major resistance (wedge & channel top) ₹241–243 Current pivot (wedge mid-line retest) ₹233.6 Near-term support (horizontal & mid-line) ₹215 Lower wedge trendline (secondary support) ₹195–190 Long-term channel floor Trading Plan Bullish Scenario Entry: Weekly close above ₹263.5 Target: ₹285–300 (upper channel extension) Stop-loss: Below ₹240 Conservative Re-entry Wait for pullback into ₹240–234 Confirmation: Bullish reversal candle Stop-loss: Below ₹233 Bearish Warning Break & weekly close below ₹233.6 on high volume Target: ₹215–195 (wedge & channel support) 📢 Disclaimer: This is for informational purposes only. Nothing herein constitutes a buy or sell recommendation. I may or may not be holding a position in the stock mentioned. 🧑‍💼 Rajneesh Sharma is a SEBI-registered Research Analyst (Reg. No. INH000020332). 📄 Investments are subject to market risks. Read all related documents carefully before investing.