Nandish Shah
Since the month of October last year, L&T Finance Holdings has been witnessing selling pressure at a higher level and it eventually fell by 27 percent from the all-time high level.
It has also given a breakdown on the daily chart by closing below the strong support placed at Rs 160 odd levels. The stock price is currently trading below its 5, 20 and 200-DMA indicating that the short to medium term trend is negative.
Oscillators and momentum indicators are also showing weakness on the weekly and monthly charts. Therefore, we recommend selling L&T Finance for the target of Rs 145, and keep a stop loss above Rs 166.
Disclaimer: The author is Technical & Derivatives Analyst at HDFC Securities. 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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