Larsen has target of Rs 3630-3640: Mathew

Technical Analyst, E Mathew is of the view that Larsen and Toubro, L&T has target of Rs 3630-3640.

Mathew told CNBC-TV18, "L&T is showing patterns of bottoming out, but the big signal would come technically if the stock is able to sustain about Rs 2860 to Rs 2870 which is where I expect quite a bit of a supply and I feel the last desperate sellers, their stop losses were triggered around about Rs 2860 to about Rs 2870 zone. So if the stock is able to sustain above Rs 2860 or Rs 2870 maybe with a little reaction here or there, then we could see the stock slowly and steadily trying to retrace its past glory and one could look for a medium term target of around Rs 3630 to Rs 3640."

Disclosure: Analyst doesn't hold the above stock.