Technical Trading Idea
* L&T underperformed the broader market in recent past as it witnessed selling pressure at bounces. Currently, it is sustaining well below the Channel breakdown on daily chart and also breached its previous swing lows, which may accelerate the selling pressure. RSI oscillator is also placed negatively on daily scale, indicating weakness in the counter.
* Considering current chart structure, we are expecting the stock to correct towards 840 levels. Thus, we advise traders to short LT Sept Fut on bounce with stoploss of 915.
Sell Larsen & Toubro Ltd @ 2-3 Days 890-895 CMP 883 TGT 840 SL 915
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