Larsen & Toubro may test Rs 1300-1320: Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "On Tuesday, we suggested to short Larsen & Toubro (L&T) in morning and reason being despite bounce in market L&T was not bouncing significantly and we saw a formation of strong short positions in it. I feel there is substantial downside from current level and that the stock may continue to remain under pressure. So, even in last couple of days, markets have bounced or are in a flattish terrain but L&T is seeing continuous formation of short position and negative price action and it should continue for some more time. I am expecting Rs 1300-1320 levels in the stock.""BHEL is near a very strong support of Rs 195-200. There may or may not be some bounce but ultimately even this stock after bounce or without bounce is probably heading towards Rs 180-185 odd levels. I am not expecting positive movements in these stocks. They would be under pressure," he said."Private sector banks are interesting to short at higher levels and that is something we are keeping a close eye on."