Sanjeev Agarwal, CEO of Dynamix Research & Capital Management advised selling Larsen and Toubro (L&T) around Rs 1,400-1,450 levels. He expects the stock to bounce back following rally in key benchmarks.
Agarwal told CNBC-TV18, “What I feel like the current leg of decline, what we are seeing from 5970 should finish in the next two-three days. So considering that the next leg will retrace a part of that, I expect L&T also to bounce back.”
“It has shown at least a chance of stabilising and pulling it back. So I feel at Rs 1,400-1,450, he should get out because as I see, the long term or a year trend, the trend seems to be down. We expect much lower levels by the end of 2013. So using the next bounce around Rs 1,400-1,450 is the best case scenario for him,” Agarwal added.