Ashish Chaturmohta of Fortune Equity Broker told CNBC-TV18, "Larsen & Toubro (L&T) is trading around 6-7 months high and we have seen a very strong build up of positions in last 5-7 trading sessions in it. This is one stock where on any recovery in the market we are going to see a very strong upside momentum. At current level, one can initiate a long position keeping a small stoploss of Rs 1690 and if this support level holds on then on upside Rs 1800 could be the possible target."
At 15:26 hrs Larsen and Toubro was quoting at Rs 1,689.90, down Rs 32.80, or 1.90 percent. It has touched an intraday high of Rs 1,731.05 and an intraday low of Rs 1,685.50.
Disclosure: Analyst does not have any personal holdings.
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