Since June last year, overall, L&T share price has been making higher high higher low formation on the broader perspective and rallied more than 55 percent, indicating the stock has been maintaining upward rally despite intermittent correction and consolidation.
Sunil Shankar Matkar
February 17, 2023 / 02:29 PM IST
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} Larsen & Toubro turned out to be the biggest gainer in the Nifty50 on February 17, despite the broader markets reeling under selling pressure. The benchmark Nifty50 itself fell more than 100 points intraday.The share price of the country’s largest engineering and infrastructure company traded higher by more than 2 percent at Rs 2,227, though there was a bit of selling pressure at the day’s high, at the time of writing this article.The stock has broken the consolidation range we have been seeing since the start of the current month, with a long bullish candlestick formation. In fact it was trading within the range of Budget day (Rs 2,080-2,216), but within that range, there was a higher-high-higher-low formation.The stock has been making a higher-high-higher-low formation on the broader perspective and rallied more than 55 percent, indicating that it has maintained a rally despite intermittent correction and consolidation.Trading volume was above average on Friday. It traded well above all key moving averages (5, 9, 21, 50, 100 and 200-day exponential moving average), which is a positive sign.”The stock is in a higher-high-higher-low structure since June 2022 on the daily charts and on the larger degree charts, it is in a secular uptrend. The stock has reclaimed the Rs 2,200-mark aided with a price-volume breakout,” Viraj Vyas of Ashika Stock Broking said.He believes the stock is on the cusp of a relative strength breakout versus Nifty50 and such a breakout will result in a move towards Rs 2,400-Rs 2,420. Immediate support is expected at 2,150, he said.
Vidnyan Sawant, AVP – Technical Research at GEPL Capital, also believes that L&T is in a strong positive trend for the medium to long term. “The stock has formed a CIP (change in polarity) formation at Rs 2,080-2,050 levels and bounced back indicating bullish strength of the stock,” he said.He sees an immediate resistance at Rs 2,330-Rs 2,555 for the stock. “Our positive view will be negated if it breaches Rs 2,050 levels on the downside,” Sawant said.
