Thursday, 20 November 2008

Larsen has support at Rs 600: Mohindar

Rahul Mohindar of Viratechindia is of the view that Larsen and Toubro has next big support at Rs 600.

Mohindar told CNBC-TV18, "The only way you could grade a good long term stock at stage is that these are stocks which may have come back to a 2007 low and there are several stocks which had come down to about 2003-04 lows but these don’t fit the categories, likes of Reliance, L&T all look attractive in these levels. It’s going to be a very difficult job to try and time a market immediately, the way I would look at this is probably if you are looking at a downside in the short term, the next big support for L&T is going to be around Rs 600. So somewhere in the region of Rs 590 to Rs 610 and that could be a window where you may choose to average again. For the future one take away from the trade to start using a stoploss and you can’t let a capital erode to 50%."

Source: Moneycontrol

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