Larsen & Toubro (L&T) can test Rs 1690-1700, says Anu Jain, Vice President - IIFL Private Wealth Management, India Infoline.
Jain told CNBC-TV18, "I have covered mostly all the sectors except metal. I think it is going to be a broad based rally if market sustains. Infrastructure did show some build up, so whether it was midcaps which moved based on the news factor which came in last week, I think Larsen & Toubro (L&T) is poised, its stoploss is to about its 50-day moving average which is about Rs 1,620. I think for the short-term it is poised for about Rs 1,690-1,700. However, this one stock hasn't moved up in line with the market. So for someone who is looking for an investment opportunity technically, it is looking like once it crosses Rs 1,730 which was the last high it made about two and a half to three months back, it has not attempted that because of a lot of the negative news. Once it crosses that I see this stock picking up a lot of momentum, so on any dip I think this scrip as an investment horizon for about six-twelve months also looks very good. For the trading outlook, I would play it for Rs 1,690-1,700."
