Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "If we look at the movement in Ashok Leyland, the long-term trend remains positive and within that we have seen a consolidation happening. So, it is a kind of a range bound movement that we are seeing in the stock with a very good support around the current level which is around Rs 85-86. The stock is already quoting around the same. So, I think a mean reversion is what can happen there with a timeframe of about two to two and half weeks."
"We expect that the stock can again move towards the upper band of this oscillation and this can push the stock towards Rs 95 and stop loss for this trade can be kept at Rs 81 which is ideally the pattern support and which should not be breached if the stock has to sustain this oscillation," he added.
