The stock of Ashok Leyland (₹155.44) is ruling at a crucial level. It finds an immediate support at ₹148 followed by another crucial one at ₹134. A close below the latter will change the medium-term outlook negative.Immediate resistance levels for the stock are at ₹167 and ₹186. A close above the latter will reconfirm bullish trend. However, we expect the stock to see downward bias in the short term.F&O pointers: Ashok Leyland June futures closed at ₹154.81 against the spot close of ₹155.44. The contract saw strong accumulation of open interests. The futures trading at a discount signals the existence of short positions.Strategy: Traders can short Ashok Leyland futures while keeping a stop-loss at ₹155.50. This strategy is strictly for traders who have higher risk tolerance given the higher margin obligation for futures and one-to-one price movement of futures, meaning higher risk when compared to options if the stock moves in the opposite direction.Traders can aim for an initial target of ₹149. Use trailing stop-loss judiciously so that profits are protected. Traders with higher risk appetite can even aim for a target of ₹144.On Monday, if the stock opens sharply higher (above ₹158) or lower (below ₹150), traders can stay away from this strategy.Follow up: HPCL might not have provided an entry point. However, traders who initiated the position can continue to hold and the same can be reviewed next week.Note: The recommendations are based on technical analysis and F&O positions. There is a risk of loss in trading.Published on May 30, 2026