Larsen & Tourbo Short Term Target
Larsen & Tourbo (L&T), has underperformed so far in terms of equity returns. Selling pressure was seen continuously from the levels of 1400, currently it is trading below Rs.1000. The bluechip stock (L&T) has not participate the bullish market rally as it comes in Nifty50 stock.
Recently, L&T Q1 results 2020 has been declared and the net profit fell by 67% (536 crore), compare to last year on year quarterly basis the number was worst. Amid pandemic lockdown, labour shortage, halt in construction work, got hit badly in profitability. Before Covid19, L&T got lots of construction work from the government and private too. But before they kick start the project work there comes play of nature spread of Corona virus.
Well coming to the point, lots of investors still holds L&T in portfolio at much higher levels. During pandemic Covid-19, L&T share price had came down rapidly from 1499 levels to 660 levels. But recovery of stock was not so good as compare to index and other stocks. L&T above 1000 levels find difficult to sustain as selling pressure comes in. So here I am going to discuss the L&T options chain, support and resistance making trade easier.
L&T Support & Resistance Levels, Options OI Data:
Today, LT shown a good bullish momentum at morning trade, later selling pressure brings back to 903 from 925 intraday high. Well, 900 would be a crucial support level for Larsen and Tourbo because at 900pe OI stands 796950 contracts, following by 880pe OI stands 420750. That means support-1 would be @900 followed by support-2 @880.
At 900ce OI stands 829950, following by 920ce OI stands 1020800, @940ce OI stands 1052700 contracts that means crucial R1 would be 920 levels followed by R2 940. These are the levels one should keep in mind during trade. Stay tuned with us for more live updates.