Buy Mahindra and Mahindra 1180 Put: JK Jain

JK Jain of Karvy Stock Broking told CNBC-TV18, "Despite the pullback in the market we have not seen any bout of short covering or any bout of buying in Mahindra and Mahindra (M&M), clearly indicating there is a weakness in the stock. Even the rolls have been happening on the short side. The stock has made a clear double top kind of pattern in the charts. It has been facing strict resistance around Rs 1,400 and slided significantly." "The breakdown is set to happen and we expect the stock to go down to its support of Rs 1,130-1,120 in the coming days. So, we recommend buying the Put option of 1,180 which is trading close to around Rs 22-23 for targets of Rs 48.50. In the next one or two weeks perspective one can buy Put option," he said. "If M&M breaks Rs 1,120-1,130 we could see a sharp decline and could break down the double top pattern."