Nifty index managed to hold above 9133 and headed towards 9183 on the settlement day of March series. It formed a Bullish candle and registered a highest daily close. It has been making higher highs – higher lows from last three trading sessions and just 0.50% away from its life time high of 9218. It has been holding above its support trend line by connecting the lows of 8713, 8903 and 9024 levels. Now till it holds above 9133 zone, it has potential to head towards 9218 then 9280 while on the downside multiple supports are seen at 9119 and 9075.
LT (LARSEN & TOUBRO)
Last Close: 1,557
Stop Loss: 1,546
Targe : 1,600
It has been consolidating in a small range from last 12 trading sessions and forming a Bullish Flag on the daily chart. It has formed a strong price set up with significant delivery volumes near to 1,550 which indicates a fresh leg of rally in the stock with better risk - reward ratio. Thus, recommending to buy with the trading stop loss of 1,546 for a potential upside target of 1,600.
Last Close: 532
Stop Loss: 524
It has given a consolidation breakout and holding well above its previous hurdle of 528. Overall it has been making higher top – higher bottom formation and showing the strength. Thus, recommending to buy with the trading stop loss of 524 for a potential upside target of 550.
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Chandan Taparia is a Deivatives and Technical Analyst at Motilal Oswal Securities.