Larsen & Toubro Ltd. (NSE: L&T) - Technical Analysis

📅 Date: February 04, 2025
🔎 Timeframe: Daily Chart

Market Overview
Larsen & Toubro Ltd. has shown a strong bullish momentum today, closing at 3,439.15, marking a +4.56% gain. The price broke above previous resistance levels, accompanied by a notable increase in trading volume. This indicates heightened investor interest.

📌 Market Snapshot
🔹 Change: +150.65 points (+4.56%)
🔹 Volume: 4.74M (Above 20-day avg: 2.53M)
🔹 Candlestick Pattern: Strong Bullish Candle Formation

✅ Key Levels Analysis
Support Levels
Support 1: 3,347.93 – A key level that was tested and breached today.
Support 2: 3,256.72 – A significant level for buyers to observe in case of retracement.
Support 3: 3,206.18 – Strong demand expected if the stock retraces to this level.
The stock recently bounced from the Bottom Range (3,262.55), validating a strong support zone.
Resistance Levels
Resistance 1: 3,489.68 – The closest resistance level; a breakthrough could signal further upside.
Resistance 2: 3,540.22 – Another level where selling pressure might emerge.
Resistance 3: 3,631.43 – Major resistance that could confirm the uptrend if broken.

✅ Volume Analysis
The trading volume today stands at 4.74M, a significant increase compared to the 20-day moving average of 2.53M. This volume spike suggests strong market participation, potentially indicating institutional buying or a short-covering rally.