Buy CRISIL, Sell Larsen & Toubro recommends Mehul Kothari

According to the technical analyst from Anand Rathi, Larsen & Toubro can slip to Rs 1,800-level, while CRISIL can rally to Rs 3,700.

SELL

LT (Larsen & Toubro)

Sell Near: Rs 1,900

Target: Rs 1,800

Stop Loss: Rs 1,950

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 1,900 for target of Rs 1,800 in the coming sessions.

BUY

CRISIL

Buy Near Rs 3,350

Target: Rs 3,700

Stop Loss: Rs 3,170

During the latest trading session; the stock has confirmed a range breakout above Rs 3,380 level. The price action resembles a bullish inverse head and shoulder pattern and the breakout from the same was accompanied with heavy volumes.

Thus, we advise traders to buy the stock near Rs 3,350 for an upside target of Rs 3,700 in the coming weeks.

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