The stock can be bought at the current level and on dips to Rs 1,390 with a stop loss below Rs 1,360 for a target of Rs 1,600, says Ashish Chaturmohta of Sanctum Wealth Management.
Larsen & Toubro touched high of Rs 1,470 in February this year and has been moving sideways to negative correction mode between Rs 1,470 and Rs 1,182 for the last nine months. Now, L&T has crossed falling resistance trend line connecting highs of Rs 1,470, Rs 1,425 and Rs 1,390 on the weekly chart and continues to trend higher. Thus, signalling an end of correction with a sharp rally from lower levels.
Momentum indicators are in bullish mode on daily as well as on weekly chart. Thus, the stock can be bought at the current level and on dips to Rs 1,390 with a stop loss below Rs 1,360 for a target of Rs 1,600.
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