Shabbir Kayyumi
Larsen & Toubro after making recent low of Rs 1,206 on June 28, 2018 gave a good pullback rally in last couple of trading days. The stock has made a ‘Hanging man’ pattern on daily candlestick chart.
The ADX line is tilting downward from 40 levels. A positive divergence also formed on stochastic. All these technical parameters are suggesting some fresh up move from the current level.
We have a buy on Larsen & Toubro with target of Rs 1400 per share.
Disclaimer: The author is Head - Technical & Derivative Research, Narnolia Financial Advisors. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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