Jan 08, 2013, 03.34 PM | Source: CNBC-TV18
Manoj Murlidharan Vayalar of IIFL PReMIA is of the view that one can short sell Larsen & Toubro, the stock can slip to Rs 1510-1520.
Manoj Murlidharan (more)
Head- Derivatives, Religare Securities | Capital Expertise: F&O
Vayalar told CNBC-TV18, “Yesterday there was huge selling in Larsen & Toubro (L&T), needless to say if you look into the cash base delivery selling, I guess more than 68 percent to your five day average. It simply says there is selling which has happened and needless to say derivatives are seen huge shorts. I feel another 40-45 more points on the downtick, somewhere close to Rs 1,510-1,520 which happens to be the weighted average price of the previous accumulation is where we might see a support. So it is a sell on L&T.
He further added, “ Infosys is very much aware that if you see on an average, it gives you 8-9 percent move because of the results though I am not expecting the results might be bad this time, the reason is we have not seen that cash base selling which is happening. So I feel more or less Infosys would be an avoid but L&T definitely one can short it for at least 40-50 points.”