Below Rs 1540, L&T may test Rs 1480-1450: Hemant Thukral

Hemant Thukral of Aditya Birla Money told CNBC-TV18, "For Larsen & Toubro (L&T) the crucial level is Rs 1,540 because if it falls below Rs 1,540 mark, it is heading towards Rs 1,480-1,450. On the other side there is one flip because there are heavy Call writing at Rs 1,600 and Rs 1,650, any positivity from results and L&T can cross that Rs 1,600 mark. I think unwinding of Calls will take itself into Rs 1,675, so whoever is going short or whoever is playing on the weaker side of L&T should keep a stoploss of Rs 1,605 on the upside."

"Bharat Heavy Electricals (BHEL) is looking weaker – that is very clear the way shorts have been placed, Rs 270-280 Call writers are getting active, the only support is around Rs 240-250 Put writer support, so around Rs 248 to Rs 245, if I have gone short I would be covering my shorts and I will be keeping a stoploss of Rs 268 on BHEL on the upside," he said.