: A double-bottom formation at the 52 area in September-October 2020 pushed Tata Power
steadily to 115 in March 2021. Valid corrective profit-booking followed and the stock made a low of 90 in April 2021. It continued its uptrend and recently, on May 10, 2021, the stock gave a breakout to form a downward sloping trend line and gave a higher weekly close at 110, supported by volumes. The KST, Demand Index and Vortex Indicator suggest the possibility of a strong up move. The stock is trading above all averages and the 200 DMA shows a rising trend.
The stock has the strength to achieve a target of 140-160 in the coming days. If it corrects it could be added at (105-102)-100-(98-96) levels. A stop loss of 88 should be observed in the trade. CLICK HERE FOR THE CHART
: (Rs 1,377-1,363)- Rs 1,352-(Rs 1,338-1,305)
: Larsen & Toubro
started its up move in September 2020 from 842, followed by a steady rise until the stock made a high of 1,593 in February 2021. A valid corrective profit-booking ensued and the stock made a low of 1,306 in April 2021. Recently, on May 10, the stock gave a breakout to form a downward sloping trend line and gave a higher weekly close, supported by volumes. The KST, Demand Index and Vortex Indicator suggest a possibility of a strong up move. It is trading above all averages and the 200 DMA shows a rising trend.
The stock has the strength to achieve a target of 1,550-1,750 in the coming days. If it corrects, it could be added at (1,377-1,363)-1,352-(1,338-1,305) levels. A stop loss of 1,290 should be observed in the trade. CLICK HERE FOR THE CHART
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