ASHOK LEYLAND Trend Analysis
The second-largest Commercial Vehicle manufacturer in India.
Already manufactured 40 electric buses for Chandigarh which will be operated under Switch Mobility Automotive Ltd.
The high cost and range of EVs are the barriers unless every state govt. plans to start their fleet of EV buses and battery tech evolves with proper charging infrastructure.
Private players will be the last to switch from ICE to EVs unless govt. gives better subsidies.
As per FAME India scheme [Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India], the incentive is linked to battery capacity i.e. Rs.10,000/KWh for e-2W, e-3W and e-4W.
Then comes the flex fuel engines which will bridge that gap meanwhile considering no charging infrastructure developed as of now, which may develop by 2030 to sustain EVs ecosystem.
I don't see any good reason to buy such over valued stocks considering their fundamentals just because of EV hype.
Fundamentals are not good though turn around potential might happen in future if sales improve with reduction in debt.
OPM% came lower on account of steep rise in raw material cost.
I don't want to copy paste the data which are readily available at screener.in to keep my posts short and to the point, kindly check the fundamentals there.
Technically price is heading towards its resistance level around 150 with decline in volume and potential divergence with awesome oscillator.
Though it looks like reverse Head & Shoulder pattern, it is just an extended pullback (X wave of WXY correction).
Accumulate around 70-80 levels as it lies at the Golden FIB with confluence of trendline support and edge of the pitchfork.
Short term swing target @ 120 (55% ROI with 3.47 R:R)
Medium term positional target @ 185 (139% ROI with 8.76 R:R)
Long term positional target @ 270 (249% ROI with 15.67 R:R) [Technical target of Cup with Handle pattern]
Stop loss @ 65 (Optional)
Every detail I wrote here are my views only. Do your own due diligence before taking any action.
Peace!!
Already manufactured 40 electric buses for Chandigarh which will be operated under Switch Mobility Automotive Ltd.
The high cost and range of EVs are the barriers unless every state govt. plans to start their fleet of EV buses and battery tech evolves with proper charging infrastructure.
Private players will be the last to switch from ICE to EVs unless govt. gives better subsidies.
As per FAME India scheme [Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India], the incentive is linked to battery capacity i.e. Rs.10,000/KWh for e-2W, e-3W and e-4W.
Then comes the flex fuel engines which will bridge that gap meanwhile considering no charging infrastructure developed as of now, which may develop by 2030 to sustain EVs ecosystem.
I don't see any good reason to buy such over valued stocks considering their fundamentals just because of EV hype.
Fundamentals are not good though turn around potential might happen in future if sales improve with reduction in debt.
OPM% came lower on account of steep rise in raw material cost.
I don't want to copy paste the data which are readily available at screener.in to keep my posts short and to the point, kindly check the fundamentals there.
Technically price is heading towards its resistance level around 150 with decline in volume and potential divergence with awesome oscillator.
Though it looks like reverse Head & Shoulder pattern, it is just an extended pullback (X wave of WXY correction).
Accumulate around 70-80 levels as it lies at the Golden FIB with confluence of trendline support and edge of the pitchfork.
Short term swing target @ 120 (55% ROI with 3.47 R:R)
Medium term positional target @ 185 (139% ROI with 8.76 R:R)
Long term positional target @ 270 (249% ROI with 15.67 R:R) [Technical target of Cup with Handle pattern]
Stop loss @ 65 (Optional)
Every detail I wrote here are my views only. Do your own due diligence before taking any action.
Peace!!
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