Mahindra and Mahindra may test Rs 885: Chandan Taparia

Chandan Taparia, derivative & technical analyst at Anand Rathi Securities told CNBC-TV18, "The built up of short positions was seen in Mahindra and Mahindra (M&M) and the stock was finding supply around Rs 980 levels. I am expecting further decline in the stock and the way stock is going down after the consolidation it is indicating that some distribution is happening in the stock. The way stock is falling down, it can go down towards Rs 885 levels."

At 10:42 hrs Mahindra and Mahindra was quoting at Rs 894.60, down Rs 5.45, or 0.61 percent. It has touched an intraday high of Rs 910 and an intraday low of Rs 888.

The share touched its 52-week high Rs 1,026.45 and 52-week low Rs 741.50 on 20 May, 2013 and 28 August, 2013, respectively. Currently, it is trading 12.85 percent below its 52-week high and 20.65 percent above its 52-week low. Market capitalisation stands at Rs 55,097.73 crore.