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Delivery Based Selling in L&T is confirmed through the volume and the delivery % analysis. The L&T share price is decreasing, the turnover is increasing, deliverable quantity is increasing and volume data suggest that big players are active in this stock.
The price action suggests that the stock is trading in an upward channel. However, currently, this stock is trading at a very crucial level i.e. bottom line of the channel. A volume supported down move will push the stock into a bearish zone of a downward trend.
The Fibonacci Retracement analysis suggests that the stock is entering into a no trade zone i.e. it is entering into a zone between normal retracement level and the next zone i.e. 138.2%. However, any volume supported the move in no-trade zone is confirmation of the bearish trend.
On Exponential Moving average, there are no signs of fresh investment as the stock is trading below 20 period Exponential Moving Average. The option chain analysis suggests a bearish trend i.e. writing on the call side. The resistance is very strong and the support is very weak. The stock does not have any correlation with the nifty. There is an inverse correlation.
Lastly, the stock is underperforming in the Nifty infra or infrastructure index on both 30 days and 365 days period. It implies that smart money is pulling out money from this stock and investing in other stocks in the same category i.e. Infrastructure.
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