Sell M&M January futures, 1180 Put: Krish Subramanyam

Krish Subramanyam of Altamount Capital told CNBC-TV18, "In Mahindra & Mahindra (M&M), some critical levels are getting breached and we feel that some more downside could be on cards for the counter. So, one could possibly do a covered Put, wherein one could sell the January Futures of M&M that is quoting at around Rs 1,185, but also hedge by selling a 1,180 strike Put at around Rs 26. Keep a target of Rs 1,125 and one could keep a stop loss of Rs 1,225."At 13:00 hrs Mahindra and Mahindra was quoting at Rs 1,185.65, down Rs 2.30, or 0.19 percent. It has touched an intraday high of Rs 1,200.00 and an intraday low of Rs 1,179.50.