L&T likely to trade in Rs 1557-1545 range: Manghnani

Larsen & Toubro (L&T) is likely to trade in Rs 1557-1545 range, says Anil Manghnani, Modern Shares & Stock Brokers.
 
Manghnani told CNBC-TV18, “The way Larsen & Toubro (L&T) has rallied from Rs 1,500 which was a support. I wouldn’t say retest of Rs 1,500, but atleast a pullback to make a higher bottom then it would suggest maybe the stock is ready for a rally. So, I think having already rallied over Rs 100 a fall is due.”
 
He further added, “I am looking at about Rs 1,557 to Rs 1,545 range as a pullback on the stock and then take a next call whether it’s bottomed out at Rs 1,500 and it is going to move higher. So, if you look at the whole sector it is only L&T. Otherwise, Bharat Heavy Electricals (BHEL) is back to Rs 220 range, Crompton Greaves, most of the other names are not doing much. So, it doesn’t suggest that the sector is yet ready for a breakout."