 "Trading Strategies for Cochin Shipyard, Larsen & Toubro by Mehul Kothari")
BUY
Cochin Shipyard
Buy Near: Rs 350
Target: Rs 390
Stop Loss: Rs 330
The stock of Cochin Shipyard has confirmed a major breakout from the multiple resistance level of Rs 346 with decent volumes.
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The price action has also take shape of bullish flag breakout. This price action is being witnessed just above the placement of 200-Week Moving Average and indicates sheer strength.
Thus, we advise traders to buy the stock near Rs 350 for target of Rs 390 in the coming sessions.
SELL
LT (Larsen & Toubro)
Sell Near: Rs 1,890
Target: Rs 1,800
Stop Loss: Rs 1,940
The stock has been in a strong uptrend from Rs 1,430 towards Rs 1,940 mark and entered an overbought zone.
The momentum oscillator on the daily scale are hinting towards a corrective move. On the daily scale we are witnessing a bearish Engulfing candlestick pattern.
Thus, we advise traders to sell the stock on rise near Rs 1,890 for 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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