Ashish Chaturmohta of Fortune Equity Brokers told CNBC-TV18, "Larsen and Toubro (L&T) has broken major support below Rs 820 and what we have observed during this breakdown was a buildup of almost 18-20 percent on the short side. If one looks at this stock below Rs 805 also a lot of shorts aided when the stock has broken Rs 800 level."
He further added, "Now Rs 805 becomes a very critical resistance. One can initiate a short position keeping that price as a stop loss. On downside we expect the stock to test somewhere around Rs 755-760 levels in next three-five trading sessions."
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