Be a Analyst

Larsen & Toubro Outlook: Possible double top  formation can be seen in the near term on  LT where 1st phase or 1st top already completed now all could do assumed that possible next top formation going to be happened within month. We can see that TOP-1 having a heavy selling pressure on 1200 level which is the previous top High and demand continued on 1100 level which is our possible neck line which is also shown strong support  and continued decline on  volume  .  In case of Possible TOP-2 which High (1195) is also within 3% compare to previous TOP-1 High (1225) because TOP-2 high within 3% so we must consider as a TOP-2.  In case if all the possibilities are going to be happened our neck line should be on 1100 level with possible Targets are - 1050/1012/975 but Stop Loss is not still clear so we must wait for good stop area formation and neck line break.  

Hindalco is trading almost near life time high where we can see a Doji and Doji  star formation with a confirmation candle, Doji and Doji Star are completely a reversal signal for short period of time and voulme  also decline for past two weeks (low demand on top).  If stock open on Monday near Friday close or below and able to break 213.25, this reversal trend will continued,  Try to apply this strategy with volume below 213.25 and immediate support levels are on 210.35/207.30 and strong support 205.20 level and resistance levels are 216/220.20/224.80