More upside in Maruti Suzuki , says Anil Manghnani, Modern Shares & Stock Brokers.
Manghnani told CNBC-TV18, "If you take some of the stocks from yesterday especially the results one I think the weakest definitely was the Sterlite Industries. I think post the numbers the way the stock has fallen it does suggest more downside and the stock has rallied with the rest of the market. So I think Sterlite remains atleast a short term sell, head it towards Rs 102 and Rs 98 on the downside."
He further added, "Maruti has consolidated fantastically between Rs 900 and Rs 960 and now it's broken out, still has an unfinished target of about Rs 1210-1220. So I think if you are holding that you can continue to do so because I still think there is some more upside in that."
" Larsen and Toubro is another interesting one, it did fall before the numbers, but again rallied post the numbers. But having rallied from Rs 970, the upside seems a little limited now. The key level to watch out where it can find or should find resistance will be around Rs 1310-1315 mark, so may be a little range bound. I think if you are looking for a breakout only above Rs 1315 and if you are looking for a bigger correction in L&T then if it breaks Rs 1225-1230 on the downside you can expect some more correction."
