Wednesday, 15 October 2008

L&T has resistance at Rs 1080-1150: Mathew

Technical Analyst, E Mathew is of the view that Larsen has resistance at Rs 1080-1150.

Mathew told CNBC-TV18, "Though Larsen is an extremely strong counter but technically unfortunately this stock is still in a downtrend along with the rest of the market. It has very strong support at Rs 850, maybe if there is further weakness and considering the negative mode of the market if you could get it anywhere around Rs 850 to Rs 900-905, is the support zone, maybe that would be a better ploy for averaging. But technically at least I would not advice stray because technically I would get bullish on the stock if and only if it�s able to sustain above Rs 1080 and more important if it sustains above Rs 1150. The region between Rs 1080 and 1150 is a strong resistance zone and I would like to see L&T sustain above that from a trading angle."

Source: Moneycontrol

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