IT IS BOUNCING BACK FROM A LONG TERM TRENDLINE SUPPORT MAKING GOOD BULLISH REJECTION CANDLE MARKED WITH GREEN ARROW THIS TRENDLINE MUST NOT BE BROKEN ON CLOSING BASIS IF IT DOES A LITTLE TARGET FOR SHORT IS GIVEN WHILE TARGET FOR LONG IS ALSO GIVEN
NOTE: TRADE AT YOUR OWN RISK
Key Levels for LTare : t.me - JOIN TELEGRAM CHANNEL
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Larsen & Toubro: The RSI is failing to display any zeal, taking a hit at the 60 levels and turning down, may not be a favorable move for buyers. The gap created post the earnings have been closed. 1425 closing basis may act as a support, beyond this, LT may start to drift lower.
LT is in uptrend and whatever the result Q2, it will reach the demand zone levels shortly and i would prefer buy on dips in this strategy until it reaches the demand zones. If we gets there then we will short based on the time of the level it would reach the demand zones
NSE:LT LT is trading in Channel, buy close above and Sell closes below the Channel. Stop loss as per your Risk Appetite. RSI is not showing any divergence as of now, we may get in coming days Also please note that results will be out on 23rd.
Here by I have plotted the long term support and resistance lines for LT. As per my own analysis the stock should correct more towards its support zone of 1303, from there the possibilities of reversal happen up to 1375 short term view as per charts.
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