SELL L &T at CMP = 1686-1694 TARGET 1625 ,1600 sl 1715 CL0SING BASIS

POINTS TO FAVOUR OUR TRADE


1. L&T CONFIRMED DOUBLE TOP B@1776 BY BREAKING VALLEY BETWEEN TWO TOP AT 1625.
2. AFTER A BRIEF DECLINE ITS STARTED ITS PULLBACK AND NOW AT 1686.
3. NOW AS DOUBLE TOP IS FORMED AFTER SIGNIFICANT UPTREND IT SEEMS THAT SHORTERM DOWNTREND COULD TAKE A CHANNEL SETUP.
4. TOP OF THIS CHANNEL IS AT 1716 AFTER TOUCHING IT OR BELOW ITS LIKELY TO RESUME ITS DOWNWARD JOURNEY.
5. VOLUME PATTERN SUGGEST HIGH VOLUME BREAK DOWN FOLLOWED BY LOW VOLUME PULLBACK.