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