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.
L&T order win: The order comprises of engineering, procurement, & construction for gas processing plant, consisting of Inlet separation facilities, booster compression system, Amine gas recovery unit and dehydration unit.