Larsen & Toubro Fibonacci Resistance
Updated
LT is facing stiff resistance from 78.6% FIB as well as 900 psychological level. Given that it is an inherently strong stock, it may be a good idea to consider adding to LT positions if you have a broader investment horizon.
Note
L&T retraced after facing marked resistance, and then managed to clear the resistance after taking support at a lower FIB level. It later turned back from an important CIP and is now consolidating at the level we discussed last month.Note
L&T has some support at these levels, but none of them are as strong as the ones around 866 which is where it might be headed unless strong buying is seen.
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