Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "If we look at the movement of Larsen and Toubro (L&T), downtrend happening there and even we initiated a short call there but now if you look at the long-term chart, it is already quoting around the long-term support area and Rs 1,350 is what we believe should hold on before more directional move comes in to play. So we are just expecting a pullback to happen in the fall which has already taken place from Rs 1,600-1,350. So given the fact that we have seen a bullish engulfing pattern getting formed on the candlestick chart yesterday and we have seen the stock consolidating around the support area, so we pre-empt a breakout happening there which could play out in the timeframe of one and a half to two weeks and we expect the stock to move towards Rs 1,475, so that is the first target that we are looking at on L&T and the stoploss can be kept at Rs 1,304."At 09:50 hrs Larsen and Toubro was quoting at Rs 1,361, up Rs 3.80, or 0.28 percent.
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