L&T may slip to Rs 1480-1510: Panda

Panda told Jitendra Panda, Future Capital is of the view that Larsen and Toubro may slip to Rs 1480-1510.

CNBC-TV18, “In L&T today there is an increase in short positions build up, around 4 percent open interest has build up and some short positions still continue to build up at this level. Rs 1480-1510 is where the target people are seeing. At those dip levels, I would like to get in if I am really interested in this stock, but currently there is no action there on the long side. Short, yes you can build up, but then it has been continuously happening and today also it is building up, but it is waning now. So we believe that we will be closer at Rs 1510-1520 levels that is where you should look at and margin of safety is little lower so you have to keep your stop loss very close at Rs 1555-1560 levels. So that is what I would like to recommend for people who would like to look at L&T.”