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L&T Technical Analysis suggests that the stock has formed a double top or M pattern on the daily chart. There is also a gap around 1400 that needs to be filled. The key support levels are around 1420 and 1240.
From the last 6 years, the stock is trading in a channel. The best strategy is to buy near the bottom of the channel and short near the top of the channel. The Fibonacci Retracement suggest 100% retracement based on the historical data. It means that the stock can trade near 1220.
Based on the learning in 4 stages of the stock market. Prima facie, it seems that the stock is in the distribution stage. However, the ratio of no of green to no of red candles suggests that L&T share is trading in a consolidation zone of the uptrend. However, it also depends on the consolidation period.
Currently, the L&T Technical Analysis shows that it is trading below 20 periods Exponential Moving Average. The volume analysis suggests that short positions are created in the derivatives segment.
L&T has a perfect correlation with the Nifty movement. Overall, the infrastructure is not performing well barring few stocks. The option chain analysis is bearish for the short term.
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