Ashok Leyland Ltd, a company in the automobile space, has fallen over 10% from its August 2023 high. Chart patterns suggest further weakness. Short-to-medium-term traders can sell the stock for a target around 150 levels in the next 1-2 months. The stock closed at Rs 170.25 on 24 January 2024, down more than 10%. Short-term indicators indicate a bearish bias. If the auto index faces resistance, Ashok Leyland stock price could face additional pressure.
The Sensex dropped 1,628.01 points, or 2.23%, to close at 71,500.76. The Nifty declined 460.35 points, or 2.09%, to close at 21,571.95. The previous biggest fall in a day was in June 2022. The selloff resulted in India s market capitalisation eroding by ₹3.98 lakh crore on Wednesday to ₹370.36 lakh crore.
Indias equity indices tumbled over 2% on Wednesday — the biggest single-day fall in nearly 18 months — led by a selloff in banks and financials as investors were disappointed with HDFC Banks third-quarter results.
Syngene International Ltd, a pharma stock, fell 15% from its September 2023 high but recovered after a Double Bottom formation. Short-term traders can buy the stock for a target of Rs 880 in the next 2 months. The stock found support above 670 levels in October and December 2023, forming a Double Bottom. It closed above the 50-week moving average in January 2024. The stock is now trading above multiple moving averages and the RSI is at 56.5, indicating bullishness.