Buy Larsen for target of Rs 2550-2700: N Pillai

Neppolian Pillai of Modern Shares & Stock Brokers feels that one can buy Larsen and Toubro, L&T for a target of around Rs 2550 to around Rs 2700 and keep a stoploss below Rs 1800 to protect your position.

Pillai told CNBC-TV18, "After this entire carnage Capital goods sector still retains its long-term bullishness, it’s trading very close to the long-term support line as banking. So I would be positively biased for sure at least for a trading pull back. The current price of L&T is somewhere around Rs 2,070, the maximum downside from here could be another Rs 200 to about Rs 1,830. It is all a matter of position as one takes right at the bottom of around Rs 1,800 or one starts picking up here. So depending on your capacity, I think in this Rs 200 range one can buy that for a target of around Rs 2,550 to around Rs 2,700 and keep a stoploss below Rs 1,800 to protect your position."