(My Original Blog Post: http://www.onlineequitycalls.com/2008/12/ashok-leyland-may-test-rs-16-17-mathew/)
Technical Analyst, E Mathew is of the view that Ashok Leyland may test Rs 16-17.
"Ashok Leyland doesn't have a very encouraging chart; I think we are just participating in a pullback rally. At best I think a very optimistic scenario would be something like Rs 16-17 and for those who have not been able to exit this stock; I guess this trading rally would possibly give you an opportunity of getting a price around Rs 16-17. The stock certainly doesn’t show that it has bottomed out; it is just a pullback rally from an extremely oversold zone."
Source : MoneyControl