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The stock of Larsen & Toubro (L&T), which broke out of a resistance at ₹2,000 last week, is now hovering above this level, which is now a strong support. Although it has largely been flat over the past week, the daily candlesticks show that there has been good buying at around ₹2,000. Thus, we expect the stock to begin a leg of rally soon. It has the potential to advance to ₹2,100.
Therefore, traders can consider the stock of L&T for fresh longs. That is, buy the stock at the current level of ₹2,017.65 with stop-loss at ₹1,985. Book profits at ₹2,090. If the stock opens below ₹1,985 on Wednesday, refrain from initiating long positions.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.
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