Quant Pick – Larsen & Toubro – ICICI Direct

Deadline: three months

Derivatives and quantitative perspectives

The current rally in the index has seen wider participation in the market, where metals and pharmaceutical stocks have significantly outperformed. Over the past two weeks, underperforming sectors like BFSI have seen a decent rally, while infrastructure stocks have continued to underperform the index. With the recent rally in cement inventories, we expect buying to be seen in the infrastructure sector as well. Heavyweights like Larsen & Toubro (L&T), who have remained largely tied to the range in recent weeks, may find new momentum in the weeks to come.

Open interest in the security has fallen sharply during the current month against a background of short hedging. Since March, the stock has seen a downtrend with short additions. These positions have started to be covered. We now expect momentum to be seen with hedging short positions in the coming sessions.

For more details, click on the link below: Link to the report

Shares of LARSEN & TOUBRO LTD. was the last BSE trade at Rs 1,418.55 from the previous close of Rs. 1,409.65. The total number of shares traded during the day was 154,748 in more than 5,431 transactions.

The stock hit an intraday high of Rs. 1,424.9 and an intraday low of 1,407.75. The net turnover during the day was Rs. 218,995,845.


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