Larsen & Toubro (₹3,959.90) remains in consolidation phase. Immediate supports are ₹3,650 and ₹3,342. A conclusive close below the latter will turn the short-term outlook negative.

Immediate resistance is at ₹4,280, which is the major one. A conclusive close above this will trigger a fresh rally. We expect L&T to move in a band with bearish bias.

F&O pointers: L&T April futures closed at ₹3,965.70 against the spot close of ₹3,959.90. Open interests has come down drastically from 1.43 crore shares on March 31 to 1.30 crore shares now even as the stock rallied.

 The premium between future and spot price also narrowed down, signalling unwinding of long positions due to profit taking. Option trading signals that the stock could move in the ₹3,800-4,100 range.

Strategy: Consider buying 3,900-put on L&T that closed with a premium of ₹76.80. As the market lot is 175 shares, this would cost traders ₹13,440, which would be the maximum loss. The break-even point is ₹3,823.20.

Keep initial stop-loss at ₹55. Shift it to ₹75 if L&T opens on a flattish note. Target can be ₹100-110. Traders should also bear it in a mind that the stock could swing wildly due to geopolitical concern. So, traders can stay away from this strategy if the L&T opens above ₹4,025 or below ₹3,900.

Follow-up: Dixon Technologies bounced back and hit our recommended target levels. Those who are still holding are advised to exit the position with profits.

Note: The recommendations are based on technical analysis and F&O positions. There is a risk of loss in trading

Published on April 11, 2026