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A total of 120,487 shares changed hands on the counter till 10:41AM (IST)

L&T reported a 46.5% year-on-year (YoY) growth in consolidated net profit for the quarter ended June 2023 to Rs 2,493 crore. Consolidated revenue increased a sharp 34% to Rs 47,882.37 crore. The net profit and sales were way higher than the ET Now poll of Rs 2,138 crore and Rs 41,023 crore, respectively.

​This means the average traded quantity of the stock for 5 days along with its cumulative open interest has increased whereas the price has decreased.​

A 5-year swing high represents the highest price a stock has reached within a five-year timeframe. This level acts as a significant resistance point where the price has historically struggled to go beyond.

The stock has given a flag pattern breakout.

I have been in the soft landing camp for some time. And therefore I have had my risk on and then trades on and while what has not come through for me is that rate cuts has not happened this year, and I was expecting it to happen this year.

The rate hike by Fed took the benchmark interest rate to 5.25-5.50%, the highest level since the global financial crisis in 2007-2009.

On the monthly options front, the maximum Call OI is placed at 19800 and then towards 20,000 strikes while the maximum Put OI is placed at 19700 and then towards 19600 strikes. Minor Call writing is seen at 19900 and then towards 19850 strikes while Put writing is seen at 19750 and then towards 19650 strikes.

Fed Chair Jerome Powell said in a press conference the central bank will make decisions meeting by meeting, closely watching economic data, but noted that a rate cut is very unlikely this year.

The Fed raised interest rates by a quarter-of-a-percentage point on Wednesday, setting the benchmark overnight interest rate in the 5.25%-5.50% range, and highlighting that another 25 bps hike could be possibly at the September meeting based on a wide range of data.