Shardul Kulkarni of Angel Broking told CNBC-TV18, "Larsen and Toubro (L&T) has already given a good strong move over the last few trading days and from there the stock has started to correct, so I think that in L&T the upmove is over at least for the near-term. The way in which this stock moved, it was significantly lower right up to below the levels of Rs 700, traded at Rs 680 from the August lows and from there went right up to Rs 1,140. The correction of this particular upmove is taking place right now."
"I would not be surprised to see the stock at Rs 920-930 levels over the next couple of days. So traders who want to short should look at stoploss on the higher side at Rs 1,030 and short around Rs 1,000 levels, so I think the bias would be negative in the stock," he said.
"In Mahindra and Mahindra (M&M) we are seeing a similar bias that the auto companies are not doing that great, so I would stay away from them except for Maruti Suzuki India wherein the charts are quite okay."
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