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L&T Technology Services

Observation

* LTTS on the monthly time frame has been forming a higher high higher low pattern since June 2020. indicating that the long term trend of the stock is strongly bullish.

* On the weekly chart we can see that the prices moved above the 20 Week SMA in the week ended 17 may 2021, and the prices have managed to sustain above the same ever since.

* We witnessed that the prices have forming a higher high higher low pattern since the past 4 weeks after finding a support near the 4400 mark.

* On the indicator front the RSI plotted on the weekly chart can be seen placed above the 50 mark and is currently moving higher towards the overbought level, indicating increasing bullish momentum in the prices.

* Going ahead the weekly high of 5820 will act as a trigger point, if the prices manage to sustain above the 5820 mark we might see the prices move higher towards the 6233 and 6750 (61.8% and 78.6% extension level of the rise from 2476-5548 projected from 4335).

* The 5240 (Weekly low) will act as a support level, post which we might see the prices move lower towards 4976 (Multiple touch point level).

Inference & Expectations

* perspective seems to be in a strong bullish trend.

* The technical parameters and the indicators mentioned above, point towards the possibility of increasing bullish momentum in the trend

* We expect this momentum to take the prices towards 6233 followed by 6750 eventually.

* On the downside the 5240 mark will act as a support level if the 5240 level is breached we might see the prices move lower towards 4976.

* One can buy LTTS at current levels with a target of 6233 and 6750 with a strict stop loss of 5240 on closing basis.

L&T Technology Services Limited. LTP : 5617.60 Target: ₹6750 Stop Loss : 5240

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