Larsen & Toubro Ltd - Breakout OpportunityDate : 29-Jul-2024
LTP : Rs. 3,774.95
Next Resistances: (1) Rs. 3,919 --> (2) Rs. 4,380
SL : Rs. 3,460 on daily close basis
Technical View:
• NSE:LT is in it's primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 3,919.90 on 3-Jun-2024, it has retraced 19% to 3,175.05 level.
• On 29-Jul-2024, NSE:LT has broke out from its secondary down trend with higher than average volume.
• NSE:LT is trading above 21 DEMA, 20 DMA and 50 DMA.
• RSI has formed bullish cross over on 26-Jul-2024 and trading at 62.36.
• MACD has formed bullish cross over on 29-Jul-2024 and trading at 19.36. Both RSI and MACD are indicating bullish momentum in coming days.
• Looking strong to start a new swing from here.
Disclaimer : I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
