Larsen and Turbo is one of the Index heavy weight stock from Infrastructure sector. Earlier we recommended the stock on Feb 27th to go long at 1360 levels to see targets of 1530 which worked out well. Today after the results stock started correcting. While correcting it broke down the upward trending line. One can go short on the stock after some pull back at around 1530 to 1550 with SL at 1578 for targets of 1445 or earlier 1396 levels.
200 DEMA which is at 1498 may give support. If does not give the support for price at this level then our expected targets will be on cards.
Note: We are already short today from 1626 levels.