Sell M&M; buy BHEL 165 Put: Chandan Taparia

Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "Mahindra and Mahindra (M&M), recently failed to surpass the hurdle of Rs 1,285 and continuously finding hurdle near to its 50-day moving average. It made a narrow range price formation on the weekly price pattern and broken the support of Rs 1,250 zone. So, we are recommending to sell M&M with a stop loss of Rs 1,250 and expecting it to go down towards Rs 1,180 levels. We have seen liquidation of long position and now, fresh shorts may take it to lower levels.""Bharat Heavy Electricals (BHEL) continuously is in bear grip and not giving any meaningful sign of recovering. It has immediate support near Rs 164 and below that it can go towards Rs 160 and lower levels. So, here we recommend to trade with 165 Put, keep the stop loss of Rs 3.50 and this put can move towards Rs 10," he said.