L&T may move towards Rs 860-870: Amit Gupta

Amit Gupta, Head of Derivatives at ICICI Direct told CNBC-TV18, "People are just liquidating their long positions in oil and gas space, which had created last week on hopes of diesel price hike. I think Oil and Natural Gas Corporation (ONGC) or oil marketing companies (OMCs) are unlikely to move immediately in the short-term. They may have some kind of fall and then they may remain sideways."

He further added, "GAIL or Indraprastha Gas (IGL) is seeing some kind of momentum pullback. In IGL especially one should remain positive, so any decline of 2-3 percent should be utilised to go long because it has remained broadly in a range and it is showing some kind of momentum."
"About 55-60 percent of open interest is still left in the stock and only two days are left. So you will see some kind of momentum on the positive side in the stock," Gupta said.
He further said, "We have not seen any great buildup or closure in Tata Power and the stock is likely to remain sideways. From the infrastructure pack, Larsen and Toubro (L&T) is one stock that we are still pitching on. We feel Rs 780-800 is going to be a very good support area for the stock and on the higher side it can move towards Rs 860-870 levels."