LT gave a good breakout of the trendline & is now on its way back down to retest the trendline. The ideal place to buy will be between 1585-1600 as it is also the retracement into the fib golden zone of its last move up. the recent import duty cuts on raw materials like Iron & levy of export duty on steel products should also be of benefit to the stock.
Nifty is stuck in a range of 16400-15700 since the past 2 weeks. Yesterday it managed to test the top of the range but failed to give any significant breakout giving a chance for bears to take control again. With so many macro economic pressure's mounting it will be interesting so see how Nifty will react. I believe that the range will continue for the month of...
Reliance is currently at a major support level, what it does here will be of vital importance. A break of this level can take the stock down significantly whereas a bounce from this level can take it back to 2000 levels. The best strategy will be to wait & watch at these levels & position yourself after it breaks or takes support.
L&T is on the verge of giving a break out, It is currently in a triangle pattern with a major support zone at 1340-46. a Downside break can take it to 1300 levels & an upside break can take it to new highs.
L&T is at a confluence of 2 major support, with today's delivery percentage above 50% there is a good chance it is getting ready for a leg up. As long as it holds its support mentioned in the chart it can go to 1380 & 1400 levels.