L&T it's time to Fall now.........

LT has been finding support for Long at around 1500 levels, but the coming week it broke it support with increased volumes and and managed to close at 1451, making a Head & Shoulder pattern.

Therefore the Stock should fall to 1175 levels within 9 weeks time i.e approximately by 21st November.

If you Notice that the stock had made a Gap up opening some time back during 18-05-2009, now i believe the stock might fall futher and find support at this Gap level of 989 odd levels.

However the primary Target still remains 1175 and further call would be once this Target is achieved.