Key Points
Rahul Sharma, Director & Head - Technical & Derivatives Research, JM Financial Services, says: Larsen & Toubro looks pretty solid at current levels..
One can look to buy at these levels with a small stop loss of Rs 3,480 on the long side..
We expect around 7-8% further dip to happen closer to expiry and at around Rs 453, the risk reward looks quite attractive for short positions.. 150 points up, but around 100 points off day's high, 20,000 seems to be a major hurdle for the benchmark...
Rahul Sharma: The metal index has relatively performed well in spite of the volatility in the markets and the quality of the bounce backs have been pretty decent..
Essentially, the index is playing around with the 200-day exponential moving average in a market where Nifty is still trading close to its 50-day moving average, that goes to show the underperformance that this index has...
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