Buy L&T on every dip, says Anil Manghnani

Manghnani told CNBC-TV18, "The only one I would probably be little more concerned is Bharat Heavy Electricals (BHEL). The stock is rallying from Rs 224 which was the support level, but I think that stock needs to start closing above Rs 250-260 levels to give a little more comfort. Otherwise every time the stock rallies it is a sharp fall. Recently it has fell from Rs 272-222. That is Rs 50 fall where the market really did not correct. So I think that is the only one in that pack if you are looking at capital goods that you will be concerned right now. I think Larsen and Toubro (L&T) still remains a buy on every dip, in short-term maybe around Rs 1,740 sort of target."

He further added, "I am still not convinced. I am overall maybe negative to neutral on Bharti Airtel and maybe only neutral on Idea Cellular . I still believe Bharti Airtel will spend another quarter or two in this range maybe between Rs 240 and Rs 280-300."