Note on Stock Idea - Larsen & Toubro Ltd For Target Rs. 1900 by Monarch Networth Capital Limited
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Larsen & Turbo Ltd had consolidation from 2nd Feb 2021 to 14th Jul 2021 in the form of Cup & Handle formation and it managed to give daily close (Breakout) above horizontal trend line on 15th Jul 2021 accompanied with above average volumes.
In this case setup of Cup & Handle formation falls into continuation pattern which is accumulation along the trend and any breakout on the way will provide further strength in the momentum.
Recommendation is to buy at Current market price or on dip near 1600 levels keeping Stop loss at 1510 level and Target at 1900 level.
Daily Chart:
Buy Larsen & Toubro Ltd CMP: 1682 TARGET: 1900 SL: 1510 TIMEFRAME: 3-4 MONTHS
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