Larsen & Toubro (L&T) has displayed strength in last few trading sessions, trading in a narrow range amid volatility in the market.
The stock is among the few index heavyweights trading above its 50-DMA for last two weeks. The stock has been consolidating in a range between the levels of Rs1,430-1,499 from last one week.
On Thursday, the stock attempted to break-out from the upper-end of this trading range. Moreover, on the daily chart, the stock has formed a Bullish Candlestick suggesting upside from the current levels.
The daily RSI is already in strong buy mode. The stock has closed above all its key daily moving averages. A move past the levels of Rs1,500 could take the stock towards the levels of Rs1,575-1,590 in the short-term.
Keeping in mind the above-mentioned evidences, we recommend high risk traders to BUY the stock between the range of Rs1,480-1,500 with a stop loss of Rs1,455 for a target of Rs1,580.