LNT a must buy in decline says E Mathew.

>> Monday, December 1, 2008

Technical Analyst, E Mathew is of the view that Larsen and Toubro is looking good. One can buy it on declines. Jaiprakash Associates has support in the band of Rs 48-50.

Mathew told CNBC-TV18, "I would say L&T is looking good. I would attempt a buy on declines on Larsen. As far as a stock like JP Associates is concerned or Reliance Infra is concerned – it has been a little disappointing, but a stock like Reliance Infra has still some hopes so long as it maintains above that Rs 470-475 zone."

He further added, "JP Associates could participate in something like a pullback rally provided of course it doesn’t break the critical support zone between Rs 48-50. If it has to participate in a pullback rally, it is essential for JP Associates to maintain above this. If one compare this entire group, Reliance Infra stands out as a stock which would do reasonably well from this sector. So if one is playing for a bounceback in this particular sector, I would may be advocate a contrarian buy in Reliance Infra."

This is Told on MoneyControl.com