Business Strategies for Cochin, Larsen and Toubro Shipyard by Mehul Kothari




TO BUY


Cochin Shipyard

Buy near: Rs 350

Objective: Rs 390

Stop Loss: Rs 330

Cochin Shipyard stock confirmed a major break of the Rs 346 multiple resistance level with decent volumes.

The price action also took the form of a breakout of the bull flag. This price action is seen just above the placement of the 200 week moving average and indicates sheer strength.

Thus, we advise traders to buy the stock near Rs 350 for a target of Rs 390 in the coming sessions.


SALE


LT (Larsen & Toubro)

Sell ​​near: Rs 1,890

Objective: Rs 1,800

Stop Loss: Rs 1,940

The stock saw a strong upward trend from Rs 1,430 to Rs 1,940 and entered an overbought zone.

The momentum oscillator on the daily scale portends corrective movement. On the daily scale, we are seeing a bearish engulfing candlestick pattern.

Thus, we advise traders to sell the stock up near Rs 1,890 for a target of Rs 1,800 in the coming sessions.


(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).

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