Larsen and Toubro could see an upside to the tune of 5-7 percent in the near term but from medium-term outlook, it seems to have run its course and so the house remains negative on the stock says Anish Damania of IDFC Securities.
Commenting on the massive rally seen in Bank Nifty, Anish Damania Hd-Institutional Equities, IDFC Sec says he is not surprised because if the pre-election rally was to give an upside of around 10 percent as histroy suggests then surely investors would not want to be underweight banking stocks.
Therefore, he expects the upward momentum in banking to continue in the run-up to elections, so is positive on the space for the short-term. However, for the medium-term he is negative because the fundamental problems still remain and the economy is not going to suddenly show signs of revival just because a new government with majority comes in.
Similarly, on back of a hope rally Larsen and Toubro could see an upside to the tune of 5-7 percent in the near term but from medium-term outlook, it seems to have run its course and so the house remains negative on the stock says Damania.
Also read: Banks to face near-term asset quality, margin woes: Experts
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