L&T takes support at a bullish channel: Emkay

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Techcheck Daily

L&T takes support at a bullish channel

n     Chart of the Day: L&T, the stock has taken support on a bullish channel just above the 200 DEMA, expect a pullback till 2060 initially

n     Bank Nifty has pulled back from a similar channel, expect pullbacks till 12300-12500 initially

n     Nifty a ‘bearish engulfing outside month’ signals that the best might be over and the current move could be the last leg up as long as it lasts, targets though might vary within the 6100-6450 band and the higher we go more negative the risk/rewards, shorts though should be avoided as long as this move lasts

n     Nifty monthly mean reversion setups emerge target 5030, weekly and daily bands though hint at a decent pullback

n     Stocks with positive short term view:

n     Reliance, ICICI Bank, SBI, L&T, Infosys, Alok Text, Arvind Ltd

n     Stocks with negative short term view:

n     Tisco, Hindalco, ITC, HUL