Hold L&T, says Pankaj Jain

Pankaj Jain, Director of Sunteck Wealthmax Capital told CNBC-TV18, "We have seen Larsen and Toubro bouncing back from levels closer to Rs 700-710 to current levels. I believe L&T is reflection of what is happening in the country- macro economic situation of the country, so maybe on a short-term horizon, on a horizon of next month to three to four months, stock could struggle at current levels. Maybe one could see some kind of profit booking creeping into the stock and the stock falling back to levels closer to Rs 760-770.”

”In the last 2-3 months, Rs 1800-1900 crore orders they got. All in all it is a hold kind of situations, so not to worry about Rs 20-30 plus minus. On a longer term horizon stay with L&T, no issues at all and with a plus two year kind of horizon economy should bounce back in the next 3-4 quarters. It is a portfolio stock.”