Abhijit Paul, founder of Alphative Advisors told CNBC-TV18, "Larsen and Toubro (L&T) is one pocket of strength in the day's trade so far. If it manages to stay above that Rs 1,030 mark then there is a high possibility that it can extend further up and in that case the target comes close to Rs 1,070-1,080 and for such a short-term trade one should use a stoploss close to Rs 1,000."
At 13:37 hrs Larsen and Toubro was quoting at Rs 1,020.10, up Rs 8.80, or 0.87 percent. It has touched an intraday high of Rs 1,028 and an intraday low of Rs 1,008.60.
The share touched its 52-week high Rs 1,152.40 and 52-week low Rs 678.10 on 09 December, 2013 and 28 August, 2013, respectively. Currently, it is trading 11.48 percent below its 52-week high and 50.44 percent above its 52-week low. Market capitalisation stands at Rs 94,430.28 crore.
Disclosure: He does not hold the stock that he has mentioned, but he does recommend the stock to his clients and they might have their positions.
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