Sell Larsen and Toubro: Shardul Kulkarni

Shardul Kulkarni, Senior Technical Analyst at Angel Broking told CNBC-TV18, "If you see the charts of Larsen and Toubro (L&T), you are getting a strong head and shoulder pattern on the daily chart and that is a bearish pattern with a breakdown level of around Rs 965. So, we feel that there is a clear possibility of the stock moving lower from current levels; Rs 998 would be the stop loss on the January futures contract."

"We expect the stock to move to around Rs 930 or may move even lower than that over the next couple of trading sessions. So, we recommend a sell in case of L&T," he added.