L&T has strong support at Rs 1700: Thacker

Larsen and Toubro (L&T) has strong support at Rs 1700, says Technical Analyst, Mitesh Thacker, miteshthacker.com.

Thacker told CNBC-TV18, "In L&T there was good support at Rs 1920 a couple of days back. We saw the stock price break that and then there has been a one way fall. Around Rs 1700 I would bet that this fall would be arrested. You would see some kind of bounce back happening over there. It is a very strong support area on the weekly charts, so I think Rs 1700 should be a level where people would look for some kind of intraday reversal happening on charts." The company's trailing 12-month (TTM) EPS was at Rs 59.69 per share. (Sep, 2010). The stock's price-to-earnings (P/E) ratio was 29.03. The latest book value of the company is Rs 300.50 per share. At current value, the price-to-book value of the company was 5.77. The dividend yield of the company was 0.72%.