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