LT has traded with volumes more than 6 times its average on NSE today with Total gain of 6.82% on closing basis. Stock is in Uptrend now with Gap-up opening today. Fresh Longs being built up today on LT.
Tomorrow will be an opportunity to enter the stock preferable around 1315 levels. I have mentioned an entry at 1317 with Stop-loss on closing basis below 1300...
WTI US Oil prices have contracted forming a triangle, almost cornered right through. Expecting a break soon. Most likely with the upcoming API/Inventory data.
1) Listing of ONGC Videsh on foreign exchange will reprice the stock
2) Iran sanctions coming up in Nov 2018 ; which shall increase global crude price
3) Stock has been undervalued for long time because of HPCL takeover and possibility of govt levying oil subsidy
4) stock has broke 5 months trendline with good volumes5
SL -170 Risk reward ratio looks favorable
Uranium prices seems to have contracted and could soon provide a good and strong break out. The possibility of an upside break seems higher.
However, one must remember how this commodity has disappointed investors on several occasions in the past.
