Larsen & Toubro, on a monthly chart, started a bull run from price level of 800 to 3600 with few retracement and consolidation in between. Now on monthly chart a shooting star has formed and the next candle has closed below the shooting star. Now this indicate a retracement in price. According to Fibonacci retracement, the important level in lower side is 3000 and then 2750. The volume analysis also indicates that a retracement is possible on L&T.