Trade Idea of The Day - Larsen & Toubro Ltd Target Rs. 56 - Religare Broking Ltd
Larsen & Toubro Ltd
Larsen & Toubro Ltd BUY 24 FEB 4120 CE SELL 24 FEB 4200 CE Entry Range 27 - 29 Target Range 56 Stop Loss 14
Rationale
* On the daily chart L&T price has rebounded strongly from the rising trendline support and trading above the key moving averages of 20-DEMA and 50-DEMA, reinforcing the primary uptrend.
* ON the technical front higher-highs, higher-low structure remains intact, indicating healthy consolidation followed by renewed buying interest.
* 14-Day RSI is placed above the 60 mark, reflecting strengthening momentum without entering overbought territory.
* MACD histogram has turned positive with a bullish crossover, suggesting continuation of upward momentum with scope for further upside towards 4200 mark in the near term.
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