Prefer L&T over BHEL in that space: Sandeep Wagle

Sandeep Wagle, Founder & MD, APTART Technical Advisory Services in an interview with ET Now talks about BHEL.

What is your own reading about first the market and then stocks such as BHEL which are also rallying?

I must say that the bulls have come back strongly and the original view that we would possibly go down to 4800 though we have still not revised that but that is under threat and under some doubt. If 5600 is taken out strongly by the bulls, then we are in for a massive rally which can go past 6000, that is the market view.

So we are waiting for a day or 2 to see how it reacts there. Top of BHEL, BHEL has been beaten down over the last 1 month from 2300-2400 down to possibly 1900-1950 and this bounce back can lead to 2110-2120 though BHEL is definitely not the strongest stocks in this space. I would go for a Larsen or I would go for a Siemens but in the wake of this onslaught by the bulls, at this level, I definitely see a 3% to 4% to 5% upside in most of the stocks.