Jayant Manglik
Though Larsen & Toubro has witnessed a swift rebound off late but it has failed to cross its resistance barrier placed around multiple moving averages - 50 & 100-EMA on the daily chart, which resulted in a formation of a fresh shorting pivot.
We recommend using any intraday bounce to create fresh shorts in the range of Rs 1,288-1,294 for target of Rs 1240. It closed at 1279.80 on July 16, 2018.
Disclaimer: The author is President, Religare Broking Ltd. The views and investment tips expressed by investment expert 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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