Stock Pick for Friday, July 23, 2021

  • Stock Market Analysis

In the previous session, the markets opened on a strong positive note and remained in positive territory throughout the day. The Nifty index made a day high near 15834 and closed with a net profit of 191 points. Technically, Index formed a strong bullish candle on the chart which shows strength in the market. Traders should be focused on ‘buy on dips’ strategy for the next trading day.

The market may see further short covering. But Overall market would be highly volatile in a rangebound region. Following stock looks technically strong and traders can go long at dips.

Larsen & Toubro Ltd (NS: LART )

NSE :LT   BSE :500510  Sector : Infrastructure Developers & Operators

On the daily chart, we can see that L&T stock prices have formed a ‘Cup and Handle pattern’ and are currently placed above the Neckline resistance zone. It is a continuation pattern that is formed when there is a prior uptrend, followed by a consolidation zone. As per pattern theory, 140 points movement on the upside can be expected in the coming days.  Also, Stock is comfortably closed above the long-term resistance line which confirms the bullish trend.

In short, the trend for L&T Ltd. looks to be positive for now. One can initiate buy near the current price and add more on dips around support levels near 1590 which can take price towards 1775-1780 levels as long as 1549 remain intact on the downside.

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  • Ajay Uppal @Ajay Uppal
    Market ready for big fall. 15000 level coming soon. Hangseng corrected 3% and China down 5%.
    Like 0
  • Ravi Chandra @Ravi Chandra
    support is some points below 1600. it may jump from here.
    Like 1
  • Sridhar Krish @Sridhar Krish
    but it reacted downside to 1612. what is the reason sir.
    Like 0
    • Ravi Chandra @Ravi Chandra
      it may show some consolidation but eventually may go upwards.
      Like 0
    • Ravi Chandra @Ravi Chandra
      it may show some consolidation but eventually may go upwards.
      Like 0
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  • Sridhar Krish @Sridhar Krish
    but it reacted downside to 1612. what is the reason sir.
    Like 0
  • NAKUL SINGH @NAKUL SINGH
    sir please tell about jubilant pharmova in recent future it move upward or not
    Like 0
  • ranjith rajasekaran @ranjith rajasekaran
    Please suggest some good stocks in small cap for long-term sir.
    Like 0
    • Govind Prasad @Govind Prasad
      ace best stock 10 times from cmp
      Like 0
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  • arvind bhalsod @arvind bhalsod
    Sir for long term also you suggest. Your work is very best sir.
    Like 0
    • Govind Prasad @Govind Prasad
      ace at cmp
      Like 0
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  • Study with Suroj Munshi @Study with Suroj Munshi
    thank s
    Like 0

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