The L&T stock rose over 8% in a month but rallied more than 5% in the last 5 trading sessions. This helped the stock breakout from a Cup and Handle pattern on the daily chart. The breakout has opened room for the stock to head towards 4,000 levels. Traders can accumulate the stock above 3,700 levels. The neckline of the pattern was placed above Rs 3,650.
Larsen & Toubro’s daily trend is bearish to sideways. The RSI for weekly and daily are showing sideways momentum, however, the RSI for monthly is showing bullish momentum. Based on option chain analysis, the range is between 3300 and 3500. Let’s plan a trade around this.
L&T shares fell 6.05 per cent to hit a low of Rs 3,413.55 on BSE. With this, the stock's year-to-date returns have fallen in the negative terrain. The scrip is still up 61 per cent in the past one year.
Larsen & Toubro Q3 results: HDFC Institutional Equities sees profit at Rs 3,340 crore, up 38.3 per cent YoY. It expects revenue to come in at Rs 52,280 crore, up 12.7 per cent YoY. Ebitda is seen rising 18 per cent YoY to Rs 5,980 crore
Larsen & Toubro Ltd., incorporated in the year 1946, is a Large Cap company (having a market cap of Rs 404787.91 Crore) operating in Construction sector.