Larsen & Toubro Ltd - Breakout Opportunity
Date: 29-Jul-2024
LTP: Rs. 3,774.95
Next Resistances: (1) Rs. 3,919 --> (2) Rs. 4,380
SL: Rs. 3,460 on daily close basis
Technical View:
•
LT is in it's primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 3,919.90 on 3-Jun-2024, it has retraced 19% to 3,175.05 level.
• On 29-Jul-2024,LT has broke out from its secondary down trend with higher than average volume.
•LT is trading above 21 DEMA, 20 DMA and 50 DMA.
• RSI has formed bullish cross over on 26-Jul-2024 and trading at 62.36.
• MACD has formed bullish cross over on 29-Jul-2024 and trading at 19.36. Both RSI and MACD are indicating bullish momentum in coming days.
• Looking strong to start a new swing from here.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
LTP: Rs. 3,774.95
Next Resistances: (1) Rs. 3,919 --> (2) Rs. 4,380
SL: Rs. 3,460 on daily close basis
Technical View:
•
LT is in it's primary uptrend and was recently going through it's secondary downtrend.• After touching the high of 3,919.90 on 3-Jun-2024, it has retraced 19% to 3,175.05 level.
• On 29-Jul-2024,
LT has broke out from its secondary down trend with higher than average volume.•
LT is trading above 21 DEMA, 20 DMA and 50 DMA.• RSI has formed bullish cross over on 26-Jul-2024 and trading at 62.36.
• MACD has formed bullish cross over on 29-Jul-2024 and trading at 19.36. Both RSI and MACD are indicating bullish momentum in coming days.
• Looking strong to start a new swing from here.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
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