L&T infotech has been consolidating since january 2021 and consolidation has unfolded as flag pattern and recently it has given breakout of flag pattern (bullish continuation pattern) and has now turned sideways above breakout point, once the consolidation is done, the stock can resume its uptrend. the wave structure also suggests a positive outlook, it appears that the stock is getting subdivided in wave 3 as shown in chart, as per trend based fibonacci extension the stock can possibly rise towards 4697 where wave 3 would be equal to wave 1, once 4697 is breached the up move can stretch higher towards 5143 161.8% of wave 1, On the way down, the recent low of 4220 and 20 DMA of 4164 will provide support in near term. One can go long at current level or in dips if any.
Wave Structure and key levels Both Breakout candles having good intensity of Volume Macd in Weekly, positive crossover and Uptick and also above zero line Macd in daily positive crossover and Uptick and also above zero line Rsi in Weekly Uptick and also above 60 Rsi in Daily above 60
Disclaimer I am not sebi registered analyst My studies are Educational purpose only Please consult with your Financial advisor before trading or investing
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