Buy L&T on declines, says Shardul Kulkarni

Shardul Kulkarni of Angel Broking told CNBC-TV18, "The second leg of stocks basically Voltas and Crompton Greaves have shown phenomenal run-up over the last say four-six trading sessions. Voltas has gone up from Rs 85 levels to Rs 115, we are also seeing Crompton Greaves move up from Rs 108 to Rs 126. The chart structure is positive in these stocks, however wait for the decline because after a strong run-up one will get a correction."

"The correction is the time to enter into these counters. At this point of time I would not touch any one of them because a time and a pricewise correction is what is in the offing over the next couple of trading sessions. So they qualify as buy on declines but definitely not buys at the current price," he added.  "Larsen and Toubro (L&T) might have some bit of resistance around Rs 1030 to 1025 and that level is expected to act as a decent supply zone. So on the lower side Rs 980-970 levels are possible in L&T. In case of Bharat heavy Electricals (BHEL) the chart remains perennially weak." "I would look at clearly avoiding BHEL from a buy perspective. So in order, Voltas and Crompton Greaves would be first on the list, the second would be L&T but on declines and BHEL would be a complete avoid," Kulkarni said.