ICICI Direct's research report on Larsen and Toubro
Derivatives & Quantitative Outlook
The Nifty continued its momentum and witnessed a pullback at every decline amid fresh FIIs inflows. Despite the lacklustre performance from banking, leadership can be seen from technology and energy heavyweights. With the recent up move seen in the cement space, we expect Infra names to also see a round of up move in coming sessions. Sectoral heavyweight L&T is likely to see fresh uptrend after remaining in a consolidation period for last few months.
On the F&O front, the open interest in the stock remained lower. It did not witness any major accumulation after the decline seen in February and March. The OI in the stock was close to 20 million shares in early March and is currently just over 10 million shares, indicating lack of interest in the stock. However, post results, we have seen fresh accumulation at lower levels. We expect the stock to find strength in the coming sessions.
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