Larsen & Toubro Ltd., one of the wealth creator in stock market have broken important long term support level around 1280 decisively and is on free fall since then. Stock have reached 1383.85 on budget day. Stock is in bearish trend and is falling with increasing volume. Today it registered 52 weeks low of 1201 in earl hours of trading. Stock have good support around 1170-1190 and need to hold it.If bearish trend continues it may fall further upto 1090.
Currently stock is trading below it exponential and simple moving average.RSI indicates it is trading in oversold territory and may see short term reversal.