Expect more upside in Larsen and Toubro: Shah

Expect more upside in Larsen and Toubro, says Manish Shah, Head Technical Analyst, Fortune Financial Services (India) Limited.

Shah told CNBC-TV18, "Larsen and Toubro has been beaten down a bit, so there could be some more upside. But other infra stocks along with L&T they have not really done it. We have seen some up move coming in - stocks like Lanco Infra, IRB just see it happening today. So it is too early to say whether it is going to be a broad based market rally but there is a chance that you could start accumulating it."
He further added, "If things do not work out you can get out with a small stop. There is a chance that we may be seeing a rally percolating down to other sectors. But I would just wait, wait for this particular settlement to get over. Let us take a fresh call on what the market has in store in first week of April."