LML has been showing signs of consolidation on the bourses. The main factor is the formation of a higher bottom. The stock had bottomed out at Rs 44 in the last week of April. The rally has taken the stock up to a level of Rs 64.After the correction to the April rally was over, the stock took support at Rs 49, which incidently was a higher bottom. Since then, the position has been improving steadily. Trading volume has also shown a jump.
Overall, the outlook for the stock is positive. Long positions can be taken at the current levels. For that, the stop loss should be kept at Rs 51.
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