Buy Larsen & Toubro, target Rs 1400: Shabbir Kayyumi

The ADX line is tilting downward from 40 levels. A positive divergence also formed on stochastic. All these technical parameters are suggesting some fresh up move from the current level, says Shabbir Kayyumi of Narnolia Financial Advisors.

Shabbir Kayyumi

Larsen & Toubro after making recent low of Rs 1,206 on June 28, 2018 gave a good pullback rally in last couple of trading days. The stock has made a ‘Hanging man’ pattern on daily candlestick chart.

The ADX line is tilting downward from 40 levels. A positive divergence also formed on stochastic. All these technical parameters are suggesting some fresh up move from the current level.

We have a buy on Larsen & Toubro with target of Rs 1400 per share.

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