Ashish Chaturmohta
L&T Technology Services is in an uptrend forming higher tops and higher bottoms on the weekly chart. The price has rallied on high volumes and the
correction was on below-average volumes which indicate buying participation in the stock.
The stock has been holding above the rising trendline connecting lows of Rs 1,156 and Rs 1,366. Also, the stock has been trading between Rs 1,800-Rs 1,366 for the last four months and formed symmetrical triangle pattern on the daily chart.
Currently, the stock is trading at the breakout level and is likely to see a breakout in the direction of major trend i.e. uptrend.
The momentum indicators are in a bullish mode on the daily and weekly chart. Thus, the stock can be bought at current levels and on dips to
Rs 1,690 with a stop loss below Rs 1,650 and a target of Rs 1,900.
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