Buy L&T at Rs 1720: Manghnani

Buy Larsen and Toubro (L&T) at Rs 1720, says Anil Manghnani, Modern Shares & Stock Brokers.

Manghnani told CNBC-TV18, "Every time this market whenever it corrects I think the banks and the autos are going to be the weakest. It is rather unfortunate that it has been a rate hike but even set-up wise most of them look the weakest of the lot. So there is high beta when it comes to interest rate hikes but sector wise I still believe unfortunately even though we may breakout from 5700-5750, the problem is it is only a few sectors or few names that are in a buy. So the results of ITC and Lever are important but technically speaking they are the ones. I also mentioned the telecom sector earlier, so I am not surprised that Bharti