Larsen & Toubro Limited (LT) Stock - Complete Technical Analysis - Dec 23, 2024

Larsen & Toubro Limited (LT) Technical Analysis: Key Support & Resistance Levels for 2024

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Larsen & Toubro Limited (LT) stock is trading around 3,630, which is 8.42% below its 52-week high of 3,963.50. The stock has been showing signs of a strong upward trend but is currently experiencing a slight pullback. The RSI stands at 40.52, which suggests it may be entering oversold territory. In the past five trading sessions, LT has witnessed fluctuations, closing at 3,629.85 on December 20, 2024, after hitting a high of 3,725 earlier in the day. The ADX at 22.89 signals a moderate trend, indicating that LTs current price action might be consolidating rather than trending strongly.

Key support levels are at 3,531 (S1) and 3,337 (S2), with the potential for a rebound if these levels hold. On the upside, resistance is seen at 3,839.72 (R1) and 3,954.63 (R2). The stocks moving averages, such as the 10-day EMA at 3,775.25, are currently above the 50-day EMA, reflecting short-term strength. However, the recent dip below resistance levels highlights some selling pressure. Indicators like the Awesome Oscillator at 74.94 suggest potential bullish momentum, while the Stochastic RSI at 0.0 and Williams Percent Range at -93.62 suggest the stock could soon reverse higher if the price stabilizes.

If LT holds above the support zone of 3,531 and rebounds, it may target resistance at 3,839.72. However, if it breaks below the support levels, the stock may continue its decline, testing lower Fibonacci pivots near 3,328. The current analysis suggests a consolidation phase, with potential for a reversal and an upward move if key support levels hold. Traders should watch for buying opportunities near these support zones and monitor any signs of strength at resistance levels.