IIFL CALL= L&T (BUY, above Rs992, Target Rs1,035, SL Rs970): L&T on the daily chart has signaled breakout from an ‘Inverted Head & Shoulder Pattern’ above Rs970 with expansion in volumes. Although the stock is flirting near the resistance of its 20-DMA, but the RSI indicator is suggesting breakout thus affirming bullish trend in counter. The amplitude of an ‘Inverted Head & Shoulder’ pattern stands at Rs90, giving an upside target above Rs1,050. On the weekly chart, the stock has taken support at its rising trendline and appears to have build a base around Rs950. (Duration 7 days)
Posted on: Mon, 15 Jul 2013 04:32:08 +0000
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