LTI has given trendline breakout

Larsen & Toubro Infotech Limited is trading above its 20-day EMA (1747.55), 50-day EMA (1723.75), 100-day EMA (1711.45) and 200-day EMA (1626.86), which indicates stock is in medium-long term uptrend. On Tuesday, the stock has given breakout of downward sloping trendline along with robust volumes, after forming strong base around Rs. 1,700.

However, the stock has witness some profit booking at the resistance level of Rs. 1,870. The 14-period RSI is quoting near 61.86, which suggest strength in the momentum. According to the MACD analysis on weekly time frame, there is centreline bullish crossover, which is positive for stock.

In near term, the 20-day EMA is likely to act as immediate support, which is currently placed at Rs 1,747.55, While on the upside, the stock is likely to face resistance at Rs. 1,870, followed by Rs. 1,950.

On Tuesday, the stock of Larsen & Toubro Infotech closed at Rs. 1,810.75 per share, up by 3.11 per cent. The stock opened at Rs. 1,756.10 per share and hit an intraday high of Rs. 1,870 and a low of Rs. 1,756.10 per share on BSE.