Trade Idea of The Day - Larsen & Toubro Ltd Target Rs.65 - Religare Broking Ltd
Larsen & Toubro Ltd
BUY 23 NOV 3600 PUT SELL 23 NOV 3500 PUT Entry Range 32 – 35 Target 65 Stop Loss 20
Rationale
• LT remained under sustained selling pressure on the daily chart, as prices continued to face rejection near its 20-DEMA zone and struggled to recover from recent lows. The price structure indicated a bearish trend, marked by lower top, lower bottoms, reflecting continued weakness.
• The 14-Day RSI is hovering below the 40 mark, indicating weak momentum, while the MACD remained in negative territory, reinforcing the prevailing bearish outlook. The absence of a strong recovery signal suggested limited upside potential.
• Going ahead, 3,600 remains a crucial immediate support zone. A decisive breakdown below this level could extend the decline towards 3,500-3,450. On the upside, 3,700-3,020 is expected to act as an immediate and strong resistance level, respectively, favouring a sell-on-rise strategy.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
 Ltd ( 1 ).jpg)
