Sell/Reduce L&T between CMP to Rs.1530 :: HDFC Securities

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 Week’s action is forming an engulfing bear candle
with good volumes and the stock is showing
negative bias for the short to medium term.
 Price has completed the counter trend
retracement rising leg at 1571 levels which could
be short term or medium term top for the stock.
 Price has started to slide for the next falling leg
with island reversal on Jan 06, 2015.
 In bigger picture major “wave x/iv” is in progress
which could end at 1365 i.e 50% retracement level
of last rising leg from 955 to 1776.6
. In between
earlier swing bottom is placed at 1400. The price is
sliding within the falling channel setup which adds
strength to the bearish setup.
 Traders could sell the stock between CMP to 1530
with the stoploss of 1580 on closing basis for the
target
s of 1400
- 1365
.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010594