Order booster for Ashok Leyland

Ashok Leyland has bagged an order worth $50 million from the Government of Zimbabwe for the supply of 670 vehicles. The news could provide further boost to the stock, which gained 3.3 per cent on Wednesday. Technical charts suggest a further rally. The stock has broken its long-term downtrend that was in place since November 2010. A crucial resistance-turned-support is at ₹22.3. The stock can hit the 200-week moving average of ₹25, then ₹26.4 and even ₹30, if it holds above the crucial level.