L&T may test Rs 1300: Pankaj Jain

Pankaj Jain of SW Capital told CNBC-TV18,"If we talk about current market scenario Larsen and Toubro (L&T) may not be the best of bet to play in this kind of market. Taking the momentum into consideration, taking the kind of market momentum we are carrying and I think it could be a Janet Yellen effect. It could be Mallya offer effect. It could be upcoming Reserve Bank of India (RBI) policy effect, I think market could climb up to levels closer to 7,900-7,950 in next say fortnight or so. The momentum seems to be very strong. Dow Jones is just about 3-4 percent away from its 52 week high.""L&T in particular the kind of spaces they are in may it be real estate, may it be oil and gas, may it be metals, may it be power most of the spaces are looking stressed. The oil factor is not aiding the stock. Last quarter results on a surprised basis were pretty okay. The kind of pessimism market was expecting. So all in all I think momentum could take the stock levels closer to say Rs 1,300 on this kind of momentum. The momentum is positive as of now but it may not be outperforming stock in coming quarter or next few months," he said.