BHEL, L&T may slip 5-6%: Thukral

Hemant Thukral of Aditya Birla Money is of the view that BHEL and L&T may slip 5-6% in coming one-two trading sessions.

Thukral told CNBC-TV18, “A simple sector like capital goods has seen the maximum shorts being built up yesterday. Stocks like Bharat Heavy Electricals Ltd (BHEL), Larsen and Toubro (L&T), Siemens all have seen fresh aggressive shorts. In particular if you see a stock like L&T, which yesterday tried to sustain the rebound above Rs 1,400 levels, has seen 17 percent shorts."
He further added, "The way the stock came down below Rs 1,400 at the closing zone, clearly indicates that you can again make fresh shorts in L&T today. It may have to retest the recent bottoms of Rs 1,335-1,350. To open fresh shorts today, one has to keep a stop-loss of Rs 1,395-1,400 zone. However, the way the capital goods sector performed yesterday, both BHEL and L&T should move easily another 5-6 percent more down in coming one-two trading sessions.”