However, the market fancy for auto scrips seems to be waning. The Indica frenzy is over. And with that the down mood has infected Ashok Leyland as well.

The scrip has now firmly broken down through the uptrend support level at Rs 40. The scrip could look for support at Rs 35. But technically the right thing to do is to get out of this scrip until it finds its bottom. You can short sell to recover your loss from the top. Put a stop loss at Rs 41.50.