While there was a rebound last week, the stock was unable to get past the hurdle at ₹173. Only a breach of this can turn the outlook positive. Notable resistance above ₹173 is at ₹180. The rally getting rejected at ₹173 itself last week indicates lack of strength in bulls.
The chart shows that the downtrend is intact and as there are no notable signs of a bullish reversal yet, we expect the stock to witness another leg of a decline, possibly to ₹150. A breach of this can take the price lower to ₹144.
Therefore, participants can consider going short. Depending on the risk appetite, one can either short futures or go long on a put option.
Futures: Short Ashok Leyland April futures (₹162.82) if it rises to ₹167. Place stop-loss at ₹175 at first. When the contract falls to ₹158, revise the stop-loss to ₹165. Book profits at ₹152.
Options: Instead of shorting futures, one can take a bearish bet by going long on put options. We recommend buying 150-strike put of April expiry, whose premium stood at ₹3.97 on Friday. Buy if the option price moderates to ₹3.15 with a stop-loss at ₹1.30. Book profits at ₹8.
Note: The recommendations are based on technical analysis and F&O positions. There is a risk of loss in trading.
Published on March 28, 2026