L&T To Sell Equity Shares of L&T Finance Holdings To Meet MPS - Stock Analysis

Larsen and Toubro stock prices have been plummeting since the beginning of July 2013 and more bad news is likely to be in the pipeline. Stock prices sharply fell from around 1400 levels to around 1000 and has dipped further in the recent few trading sessions. Let us take a look at the present scenario in terms of technical analysis.

LT EOD Chart

The chart depicts a very bearish outlook both in terms of Camarilla analysis as well as Wolfe Wave analysis. We can see that the current prices are well below the L5 support level which puts it in a strong bearish zone. Wolfe wave targets as depicted by the green line are also quite low.

LT Daily Chart

Plain EMA crossovers are also red in their bias and we are left with no hope of a recovery soon. We need to find out where we might look to buy some LT stocks, as in where the stock is expected to bottom out. Let us look at what Elliott Waves can tell us.

Larsen Tourbo Elliott Waves

Elliott Waves say that 830 is the next target for the corrective waves that are currently in the making (marked in red). Whether there is more downfall to be seen is yet to be discovered in the next few days.

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