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Larsen & Toubro - Quant Pick - ICICI Securities

Posted On: 2020-07-28 23:02:18


Recommendation

Buy Larsen & Toubro in the range of Rs. 890-910
Target: Rs. 1070
Stop Loss: Rs. 810
Time frame: Three months

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.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_LarsenToubro_Jul20.pdf

Shares of LARSEN & TOUBRO LTD. was last trading in BSE at Rs.913 as compared to the previous close of Rs. 903.55. The total number of shares traded during the day was 130253 in over 6253 trades.

The stock hit an intraday high of Rs. 917 and intraday low of 899.5. The net turnover during the day was Rs. 118460068.


Source: Equity Bulls

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