Technical Pick of the Week #9 - Larsen and Tourbo
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Aman Baheti
Price Action Analysis:
The stock took support at the INR 3,250-3,300 zone earlier in May’24. L&T recovered 10% in the last 2 weeks, turning the momentum on the upside. The stock looks bullish for the next few months as it approaches its all-time high.
Moving Average:
The stock trades above the 20 and 50 EMA from the past week. A positive crossover of 20-50 EMA happened, signaling a positive underlying sentiment. The 20 EMA level can act as a short-term support and a dip around that level is an opportunity to take long positions.
Bollinger Bands:
The stock is trading near the upper band of the Bollinger band which indicates an underlying bullish sentiment. The middle band is at INR 3,487, which will be a strong support in the next move.
Mool’s Outlook:
We anticipate a target of INR 4,200 in the stock in the next 6-8 months, which reflects a 15% upside in the stock.
Stop Loss should be maintained at INR 3,450
Disclaimer:
Mool Capital Limited is a SEBI Registered Research Analyst having registration no. INH000012449. This report has been prepared by Mool Capital Pvt. Ltd. and is solely for information of the recipient only. The report must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. This document is not, and should not, be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. This report should not be construed as an invitation or solicitation to do business with Mool Capital. Mool Capital and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.
Larsen & Toubro is an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries worldwide.
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