After witnessing Ashok making some lows, I smell some bullishness in this stock. It is recent; I have spotted a falling wedge formation along with a divergence forming. According to me, Ashok Leyland is going to make a new low then will get ready to shoot high.
We have recently seen MACD making a negative crossover and RSI giving a buy signal.
Conclusion: wait till pattern complete, look for divergence.