Published on 24/09/2020 10:24:37 AM | Source: Motilal Oswal Financial Services Ltd

Sell Larsen & Toubro Ltd For Target Rs. 815 - Motilal Oswal

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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 815 levels. Thus, we advise traders to short LT Oct Fut with stop-loss of 890.


Sell Larsen & Toubro Ltd @ 2-3 Days CMP 865 TGT 815 SL 890


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