Momentum gains upward bias: The medium / long term oscillator (Stochastics) has hit its oversold zone. This implies that the odds for a downward trend in the stocks are quite low at present.

Recommendation: The overall trend in L&T remains weak. However, oversold technicals indicate very few odds for the trend to decline further. With the general market also indicating signs of a short term bottoming out possibilities for a recovery in the prices look bright. From a pure technical viewpoint we see the present levels as attractive for a buy. A target of Rs1700 can be envisaged for L&T in the next 2 - 3 months.