L&T stock hits 2 year high; may rally further

MACD has also turned positive and is above its signal line, seen favorable for a new rally. NSEBSELarsen and ToubroLoading data…

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      ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES NEW DELHI: Shares of Larsen and Toubro surged as much as 4.49 per cent to hit Rs 1,225 on NSE in Monday’s trade, its highest in two years.

      The scrip marked the intraday high and low of Rs 1,225 and Rs 1,153, respectively. It eventually ended the day 3.80 per cent higher at Rs 1216.90.

      The stock cut above the 23.6 per cent Fibonacci projection level of wave three, suggesting that the fourth wave is completed and the uptrend has resumed in the form of the fifth wave

      The trend intensity indicator(TI) showed a rise to 18 from Friday’s level of 16 for the scrip after forming a higher trough, which suggests that a new uptrend has started and share’s price may move towards the next resistance near Rs 1,251.2, the 38.2 per cent projection level of wave three.

      MACD has also turned positive and is above its signal line, seen favorable for a new rally.

      Share’s price may move towards the next resistance near Rs 1,251.2, the 38.2 per cent projection level of wave three.

      The stock has gained as much as 30.35 per cent this year as of Friday’s close.

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