L&T has broken its long term strong support at 1822 and 1550. It has also broken 50 DMA and is trading substantially lower than that. It has formed a Head and shoulder pattern.
If further downtrend will continue, which is highly probable, the stock will reach 1292 eventually.
Academically, one should sell all your holdings and get out of this stock. Shorting also doesnt offer a great gain. Those who are not invested should stay away from this stock.
Please take advice of professional financial analyst before any financial decision.