Trade Idea of The Day - Larsen and Toubro Ltd Target Rs.150 - Religare Broking Ltd
Larsen and Toubro Ltd
BUY 28 APR 3600 CALL SELL 28 APR 3800 CALL Larsen and Toubro Ltd Entry Range 86 – 90 Target Range 150 Stop Loss 62
Rationale
* LT has showing signs of a potential bullish reversal after finding support near its long-term rising trendline, indicating strong demand at lower levels and a possibility of trend continuation towards recent swing high.
* On the technical front prices reclaimed and trading around key moving averages of 100-DEMA, and sustained move above this level, confirmed the base formation after the recent corrective phase.
* Momentum indicators are improving as 14-Day RSI is rebounding from lower levels, while MACD is showing signs of bottoming out, hinting at a possible bullish crossover in the coming sessions.
* For the coming sessions immediate hurdle is placed at 3800 mark, however breakout from this zone could confirm the robust uptrend opening upside towards the 4000 level.
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