Buy L&T, Tech Mahindra; Avoid Cummins India: Ruchit Jain

The Nifty broke above its crucial resistance of 8,000 on Thursday on the back of short covering and fresh buying. The blue chip index is poised to go up to 8,240-8,250 in the short term, says Ruchit Jain, equity technical analyst with Angel Broking. (Watch video)

Stock Talk

Buy Larsen & Toubro: The stock gave a breakout on Thursday, after a long period of underperformance. The stock had corrected significantly and a rally was due. In the short term, Larsen & Toubro can go up to Rs 1,540 and in case momentum continues, then it can go up to levels of Rs 1,680.

Buy Tech Mahindra: The stock broke above consolidation range after results. Due to breakout, trend has changed for stock and on upside it can go to levels of Rs 579-589 in near term. Investors can buy on dips around Rs 515-520 for target of 575-580.

Avoid Cummins India: Investors should avoid bottom-fishing in Cummins India. The stock was taking support around Rs 832-840 and broke below those levels on the back of selling pressure with huge volumes. Some more decline is possible in this stock and it can go down to levels of Rs 735-745 in near term.

Hold Indiabulls Real Estate: The stock staged an impulsive move on higher side. It can go up to Rs 108-109.

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