This is the chart of Larsen and Toubro. Last year it made a high above 2000 but couldn’t sustain it and corrected. Now it has formed a Inverse Head-n-Shoulder pattern and is comfortably trading over the 2000 level. according to the charts the target price should be 2500 for next 1 year but being conservative one can expect 2200 levels shortly. It is currently trading at 2060 levels. Considering the upcoming budget and healthy tax collections run rate going forward, we can see increased capital spending by the government, which has always been positive for LnT. Also their Middle East business looks very promising.
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