Short Larsen Toubro, says Amit Harchekar

Amit Harchekar – Chief Technical Strategist at APLUS Analytics recommends shorting Larsen & Toubro with a target of Rs 1490.

Amit Harchekar – Chief Technical Strategist at APLUS Analytics told CNBC-TV18, " Larsen & Toubro  (L&T) has been going through a phase of underperformance. In last two trading sessions L&T has accumulated short positions of close to 8 lakh shares of open interest and that has happened with an average price of somewhere around Rs 1,630-1,640. So, we are expecting the stock to slide from these levels."

"The major support zone for L&T is placed in the zone of Rs 1,475-1,480 because that also turns out to be the pivot point on the long-term charts and we are expecting that level to get re-tested. So, we are recommending a short on L&T at these levels with a stoploss of Rs 1,640 and we are expecting a target of around Rs 1,490 in the coming days," he said.

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