virralthakkaar

Larsen & Toubro Infotech

Long
NSE:LTI   LARSEN & TOUBRO INFOTECH
Larsen & Toubro Infotech
LTP: 3665.45
Support: 3593.30
Resistance: 3780.00

Most important level with highest Open Interest
3500pe - 25950 (major support)
4000ce - 50850 (major resistance)

The price is very close to an important level, 3593.30. The candles have taken support at the mentioned levels multiple times since December 2020.
RSI is in the oversold range which means that we might see 4000+ levels again before expiry this month.
The pattern formed on the hourly chart looks like a rounded bottom which is a bullish pattern .
Daily chart does give an impression of a head and shoulder pattern but looks like the downfall should end as 3500 put has good open interest.

***looks like a buy for medium to long term targets of 4000+