Ashok Leyland

I have sold my complete position in Ashok Leyland at 92.25 levels. Contract notes attached. My overall position in Ashok Leyland was 2500 units at an average price of 81.14. So I made a total profit of 27,518 on an investment of 2,02,843.

There are a couple of reasons for me to sell my total position in Ashok Leyland and both the reasons have nothing to do with fundamentals of the company.

1. I want to remain cash heavy because my view on the index is negative and 9700 Nifty Looks like a Near Term top to me.
2. I have other better opportunity in auto ancillary sectors where I see the current correction will provide a very good entry into that stock. I had other stocks in my open portfolio that could have been sold but then as I see a good opportunity in the auto ancillary sector, my preferred choice of stock was Ashok Leyland.

So I liquidated 10% of my existing portfolio and if I see a significant correction in the market, will deploy this money back.

This update is not a recommendation of investment or trade in the stocks discussed but just my research about the stock that I share openly with my blog readers and DIYTA community members.