raj_rishav

LT - Support line Breach (Minor)

raj_rishav Updated   
NSE:LT   LARSEN & TOUBRO
LT saw a long term support line getting breached today after 6 consecutive bearish sessions.
It closed just above the support at 930 and is at a crucial level.

If it breaches 930 (closes below on the 5 minute candle) with NIFTY bearish: Short for 910 with SL at 945.
Take long positions only above 945.
Scalp in between.

The shorting idea won't hold true for gap-down openings - follow ORB in direction of NIFTY .
Comment:
LT looking good; Buy if it sustains 945
Comment:
945 will complete the cup - there may be a handle or a direct break upwards towards 960,70,80 levels
Comment:
Waiting on the hammer highway to give breakout - trade in the direction of breakout;
Comment:
On the 5 min chart - its making hammers at 930 - 929 level
Comment:
No trades triggered today! Idea valid for tomorrow. I already have long positions on Call options - not booking losses as yet.
Trade active:
Sell triggered at 924
Comment:
Target 910; SL 945
Trade closed: target reached
Comment:
Short after the initial upswing (if any) for 900 and then 890 with SL at 924; in case of gap-down follow ORB
Comment:
Waiting for close below 915
Comment:
No trades triggered - looks like a dojo day

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