Ashok Leyland, Paytm down after 6-day rally; analyst flags positive charts
Ashok Leyland, Paytm Share Today: Ashok Leyland and Paytm were down up to 3% in Friday's intraday trades, having rallied up to 23% in the preceding six trading sessions.
Disclaimer: Views and outlook in this report belong to the brokerages and analysts cited. They do not reflect the views of Business Standard. Readers are advised to exercise discretion.
Ashok Leyland and Paytm slipped up to 3 per cent in Monday's trading session, snapping their six-day winning run. Ashok Leyland hit an intraday low of ₹173.28, and was down 2.7 per cent on trades of 19.4 million shares on the NSE. In the past six trading sessions, the stock rallied nearly 23 per cent.
Meanwhile, the stock price of One 97 Communications, the parent company of Paytm was down 1.4 per cent at ₹1,776. Around 12.5 lakh shares changed hands at the counter on the NSE. The stock gained 10 per cent in the preceding six straight sessions.
On the earnings front, Paytm reported over a 10-fold jump in Q2FY27 net profit at ₹225 crore, compared to ₹21 crore in Q2FY26. Revenue from operations grew by 28 per cent year-on-year to ₹2,648 crore. Ashok Leyland is scheduled to announce its Q2 results on November 14, 2026.
Meanwhile, Sachin Gupta, VP–Research at Choice Broking has a bullish view on Paytm and Ashok Leyland based on the existing chart structure. Sachin Gupta flags that Ashok Leyland is showing signs of a strong bullish reversal on the weekly chart after taking support near the 61.8 per cent Fibonacci retracement level of ₹141.55 and its 100-week simple moving average (SMA) at ₹144. "Ashok Leyland witnessed a sharp recovery from the weekly support levels, accompanied by strong volumes, indicating renewed buying interest and improving market participation," explains Gupta.
Among the key momentum oscillators, the analyst says the Relative Strength Index (RSI) has reversed upwards and moved to 57, suggesting a gradual strengthening of bullish momentum. Going forward, Gupta reckons that a sustained move above ₹175 could further strengthen the bullish outlook and open the possibility of an upside move towards ₹185–193 in the near term. ALSO READ: Stock Market LIVE: Sensex off lows, Nifty near 24,900; Nifty Bank rises 1%Paytm is also showing a positive technical setup on the daily chart, currently hovering near the prior swing highs, says Gupta.
The stock continues to trade comfortably above its 100-day SMA of ₹1,523, keeping the broader trend positive, he adds. Gupta says that a sustained move above ₹1,870, supported by strong volumes, could trigger further upside towards ₹1,900–₹1,950 in the near-term. ALSO READ: PVR Inox rises 3% to 52-wk high as Ramayana's box-office biz tops ₹500 cr
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