Sell Mahindra & Mahindra below Rs 1228: Rajat Bose

Rajat Bose of rajatkbose.com told CNBC-TV18, "Mahindra & Mahindra (M&M) had a sharp fall in the month of August and after that in August to September there was a sharp fall. Then there was an equally good recovery punctuated by one intermediate correction which took it up to Rs 1,381 and now it is falling. From a longer term perspective it is actually likely to break its 200-day exponential moving average which it has been testing for quite some time over the last many months. Finally there is a serious breakdown likely. The moving average is at Rs 1,260 but I would watch for a fresh low below Rs 1,228. If that were to happen it is a clear sell."At 09:18 hrs Mahindra and Mahindra was quoting at Rs 1,246.00, down Rs 38.30, or 2.98 percent. It has touched an intraday high of Rs 1,265.00 and an intraday low of Rs 1,244.05.