Short Larsen and Toubro: Ashish Chaturmohta

Ashish Chaturmohta of Fortune Equity Brokers told CNBC-TV18, "Larsen and Toubro (L&T) saw a very strong performance from almost Rs 800 to Rs 1000 and during this rise we saw a very strong buildup of positions. But in the last four trading sessions we have observed a liquidation of almost 8-10 percent in the open interest."

"Even if one looks at FII figures they have been extremely short on the stock Futures. So that is a possible reason that we may see a strong liquidation coming into L&T because it is a frontline stock and we expect that some kind of selling may emerge from the FII side. It may lead this stock to test somewhere around Rs 875-880 kind of levels. So short at current levels with a stoploss above Rs 935," he said.