Sell IDFC, Larsen and Toubro: Shardul Kulkarni

Shardul Kulkarni of Angel Broking told CNBC-TV18, "We are looking at three stocks wherein we feel that further downside is possible. First is IDFC, which has already given a strong breakdown. IDFC can move towards Rs 120 on the July futures contract. We recommend selling IDFC with a stop loss of Rs 132. The target on the lower side for the July futures contract is Rs 120."

"Second one would be Hindalco Industries wherein metal counters have already given a significant crack and going forward, weakness will continue in these stocks. So the stop loss for July futures is at Rs 99, the target is Rs 91," Kulkarni said.
He further said, "The third call would be on the capital goods major Larsen and Toubro (L&T). The chart structure clearly indicates further lower bottom cycle to continue and going forward Rs 1,290-1,300 is a potential target. One should sell the July futures contract with a stop loss of Rs 1,378 on the upside."