Hold L&T, says Nooresh Merani

Nooresh Merani of Analyse India told CNBC-TV18, "If you look at Larsen and Toubro (L&T) over the last one year, it has been in the range of Rs 1,400 on the downside and Rs 1,800 odd on the upside. This has been the range and we expect the stock to continue in this range also for the next few months. However, the investors can hold on and look to reduce whenever it goes to Rs 1,800 or higher levels and look back to re-enter on dips. So, it's a good stock for the long-term but I would not average at current levels but any dips closer to Rs 1,400-1,450 would be an averaging point."The share touched its 52-week high Rs 1,892.95 and 52-week low Rs 1,413.15 on 04 March, 2015 and 29 September, 2015, respectively.