I have bought L&T In­fotech at Rs 1733.55, but the stock is not mov­ing. What to do now?

Flash News Investment - - YOUR TECHNICAL PORTFOLIO GUIDE - - Chan­dan Ku­mar Jha

HOLD WITH A STOP LOSS OF RS 1650 ON A CLOS­ING BA­SIS.

Larsen & Toubro In­fotech Ltd is cur­rently trad­ing at Rs 1735. Its 52-week high/low stand at Rs 1990/Rs 1078 made on Septem­ber 10, 2018 and Jan­uary 18, 2018, re­spec­tively. Af­ter reg­is­ter­ing its 52-week high, the stock in the month of Septem­ber 2018 saw a healthy cor­rec­tion, which is viewed as sec­ondary cor­rec­tive phase within the pri­mary up­trend, which has rested near the 50 per cent re­trace­ment of en­tire up­ward move started from the low of Novem­ber 2017 to its all-time high. Since last three weeks, the stock is con­sol­i­dat­ing in a range along with low vol­umes. In the event of such con­sol­i­da­tion, it is im­por­tant to hold the 200-day mov­ing av­er­age, which is cur­rently placed at Rs 1663. On the up­side, the stock is likely to touch Rs 1830, fol­lowed by 1860, in the near term. Hence, we rec­om­mend you to Hold L&T In­fotech with stop loss of Rs 1650 on a clos­ing ba­sis.

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