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Published on 12/02/2020 11:33:35 AM | Source: HDFC Securities Ltd

Technical pick - Larsen & Tourbo InfoTech Ltd For Target Rs.2275 - HDFC Securities

Posted in Broking Firm Views - Short Term Report| #IT Sector #HDFC Securities #Trading Report #Larsen & Toubro Infotech Ltd

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Technical pick - Larsen & Tourbo InfoTech Ltd For Target Rs.2155/2275 - HDFC Securities

Technical Evidences

* Symmetrical Triangle breakout on the daily charts, indicating continuation of an uptrend

* Higher tops and higher bottoms on weekly and monthly charts

* Stock is placed above its 20,50, 100 and 200 DMA, indicating bullish trend on all time-frames

* Volumes have been rising for last 3 consecutive sessions

* On Balance Volume Index has registered new top on the daily chart, confirming the price breakout

* DMI Indicator has turned bullish as +di line has reached above equilibrium line

* Stock price has been taking support on its 20 days EMA

* Considering the technical evidences discussed above, we recommend buying the stock in two trenches, one at CMP and second at 1927, for the targets of 2155 and 2275, keeping a stop loss at 1875 on closing basis.

Recommendation

Buy Larsen & Tourbo InfoTech Ltd SL 1875 Target 2155/2275 CMP 1996.45

 

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