Read Time:2 Minute, 36 Second
L&T Technology Services (LTTS)
Buy Above: Rs 3,200
Target: Rs 3,450
Stop Loss: Rs 3,050
Similar to other IT stocks, LTTS too has been trading in a bit of oversold conditions. On the daily chart, the price structure indicates that the stock is on the verge of a breakout which resembles an inverse head and shoulder pattern. The breakout would be confirmed above Rs 3,200 mark.
Thus, we advise traders to buy the stock above Rs 3,200 for an upside target of Rs 3,450 in the coming sessions.
Buy Near: Rs 3,050
Target: Rs 3,200
Stop Loss: Rs 2,950
TCS has been an outperformer during the recent crack in IT stocks. The stock fell the least in comparison to most of the peers. On the daily chart, we are witnessing a hammer formation followed by a green candle. This indicates a possibility of bounce.
Thus, we advise traders to buy the stock near Rs 3,050 mark for an upside target Rs 3,200 in the coming sessions.
(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.