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Sep 07, 2012, 11.09 AM IST
Larsen & Toubro (L&T) is looking weak, says Sudarshan Sukhani of s2analytics.com. It has cracked below all kind of support levels but today probably is not a good day to go and sell it.
Larsen & Toubro (L&T) is looking weak, says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, " Godrej Industries has been trading in a range somewhere around Rs 235 and Rs 255. It is now at Rs 255 assuming and given the fact that markets are going to move up, it is likely to breakout of that range. FMCG in any case all these companies are favourites. So this trading range is probably a precursor to a big move on the upside."
He further added, "I see Larsen & Toubro (L&T) heading south. It is probably very weak. The only thing I can say is that Bharat Heavy Electricals Ltd (BHEL) is even weaker but that is not saying much. L&T has cracked below all kind of support levels but today probably is not a good day to go and sell it. I want to watch it today, if the markets show even intraday seesaw of consolidation, the chances is L&T will crack down. So intraday traders could easily look to go short in it and on a rally you could be buying puts."
Tags: Larsen & Toubro, Sudarshan Sukhani of s2analytics.com, Godrej Industries, Bharat Heavy Electricals
Action in Larsen and Toubro
May 24 2013, 16:42
- in Rupee
May 23 2013, 09:33
- in Technicals