Larsen and Toubro (L&T)

By IIFL 

Friday, April 13, 2012
     

IIFL is bullish on Larsen and Toubro (L&T) and has recommended buy rating on the stock with a target of 1,387 in its April 4, 2012 research report.

Larsen & Toubro is a technology, manufacturing, construction and engineering firm, financial services and information technology firm. It operates in 3 segments - electrical and electronics segment, engineering and construction segment and machinery and industrial products. It is India's largest construction and engineering company. It has dominance in India’s - railway related projects, machinery, hydrocarbon, power and infrastructure.

According to IIFL, Larsen and Toubro (L&T) has confirmed breakout from symmetrical triangle above 1,332 levels which turned out to be the apex of the formation. And with prices trading above the medium term moving average of 50 DMA, the uptrend has been corroborated. The daily RSI is indicating a positive crossover after sideways trend which supports buying argument in the counter however the MACD is currently placed at neutral position. IIFL recommends buying L&T above 1,337, with stop-loss of 1,312 for target of 1,387 – for a duration of 7days.

Currently, L&T is being traded at 1,320.55. Its 52 week high is 1,868.45 and 52 week low has been 969.15. It is currently being traded at an average volume of 625,378.

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