Siddharth Bhamre of Angel Broking advised going short in Larsen & Toubro (L&T) for a target of Rs 1,465 and keep a stoploss at Rs 1,615.
Bhamre told CNBC-TV18, “We are expecting negative price action in Larsen and Toubro. The stock has a good resistance between Rs 1,580-1,600. The counter is appearing long heavy. We have seen huge built up in beginning of this series - about 20 percent, seven to eight percent in two trading sessions that is barring yesterday’s trading session. Yesterday’s price action technically is also not very encouraging. So, we are further anticipating price action on the negative side here. Go short for the target of Rs 1,465 and stop loss at Rs 1,615.
At 14:12 hours IST, the stock was quoting at Rs 1,576.15, up 0.97 percent on Bombay Stock Exchange.