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Published on 17/06/2019 4:13:03 PM | Source: Choice Broking Pvt Ltd

Sell Larsen & Toubro Ltd For The Target Rs.1415 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Capital Goods Sector #Trading Report # Larsen & Toubro Ltd #Choice Broking

 

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* On a monthly chart, the stock has faced a strong resistance of its Upper Band of Rising Wedge formation which suggests a weakness in the counter.

* On a weekly chart, the stock has formed a Shooting Star Candlestick which is a Bearish Reversal formation and indicates a southward movement in the counter.

* On a daily chart, the stock has started to trade below its 21 days Moving Average which shows a negative momentum in the counter.

* A daily momentum indicator RSI reading is at 53.65 level with a negative crossover which points out for a negative breath in the counter.

* Based on the above technical structure, we are expecting a downside movement in the counter in a few trading sessions.

Recommendation

Buy Larsen & Toubro Ltd @ 1505-1512 Target 1415 Stoploss 1550

 

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