What drives stock prices are human reactions. Ironically, the key to successful speculation is to remove our decisions from our emotions. “Without control over your emotions, there is very little chance for profitable success in the stock market.”
Larsen and Tubro
Results were good but company has reduced its guidance for coming quarter looking at global uncertainty.
Technically Gap is at 1355-1367 levels,break of 1367 will lead to gap covering till 1355. On Upside 1400-1407 range is the litmus test for the stock
Sell below 1367 Tgt 1355,1340 and 1307
M&M gave a breakout above 826 made a swing high of 877 and has corrected again to touch its breakout level.
Stocks in Uptrend generally correct again to touch the breakout level and continue there uptrend
M&M made low of 829 yesterday very near to breakout level of 826 and closed at 840, Stocks looks ripe to touch its swing high of 858.
Buy above 840 Tgt 849.9,858 and 877
Sell below 826 Tgt 819 and 809
Aban Offshore we covered few days before saying 414 is the resistance for stock and breakout trades gets active above 414 level. Stock broke out on 28-Oct and made a swing high of 439.
Now Stock faces its Litmus Test around 439-443 range
Reason being its having trendline resistance at 443 and most importantly 100 DMA@442. Last time stock broke 100 DMA@637 and corrected till 330 odd levels almost 50% correction.
Buy above 443 Tgt 448,459 and 465
Sell below 425 Tgt 420,413 and 407