The stock of Ashok Leyland (₹160.68) is ruling at a crucial level. Immediate support levels are at ₹148 and ₹138. A close below the latter can trigger a fall to ₹120. Nearest resistance levels are at ₹170 and ₹187. A close above the latter will reconfirm the long-term bullish. We expect the stock to sustain the recovery momentum.

F&O pointers: Ashok Leyland futures witnessed a healthy rollover of nearly 54 per cent to July contracts. The June and July contracts of Ashok Leyland closed with marginal premium at ₹161.06 and at ₹161.74 respectively against the spot price of ₹160.68. Besides, Ashok Leyland futures also witnessed a steady build-up of open interests over the last few days, signalling long rollovers. Option trading indicates that Ashok Leyland can move between ₹150 and ₹180.

Strategy: Consider going long on Ashok Leyland July futures. This strategy is strictly for traders who can understand risk and margin commitment with respect to futures trading. 

Initial stop loss can be at ₹157. The stop loss can be shifted to ₹160 if the stock opens on positive note. Aim for a target of ₹167-170 with a trailing stop loss.

However, traders can stay away from this strategy if Ashok Leyland opens above ₹165 or below ₹157 on Monday. During settlement days (June 30), the stock can be volatile. Hence, risk-averse traders are advised to stay away from this strategy. 

Note: The recommendations are based on technical analysis and F&O positions. There is a risk of loss in trading.

Published on June 27, 2026