Bata India Ltd. is one of the largest footwear manufacturers in India, which sells a wide range of footwear in canvas, rubber, leather, and plastic. The Company’s segments include Footwear & Accessories, and Surplus Property Development.Its brands include Bata, Bata Comfit, Bubble gummers, Hush Puppies, Power, Weinbrenner and Naturalizer.It has a retail network of over 1,200 stores. It also operates a non retail distribution network through its urban wholesale division and caters to various customers through approximately 30,000 dealers.
SHORT TERM PERSPECTIVE
|Stop Loss (SL)||Rs.1715|
|Time Horizon||2-4 Weeks|
Intermediate and long term trend is up in this stock. After a mild correction stock is trying to reverse from 100 day EMA which has acted as a major support in previous days on daily chart, clearly show buying interest among the participant in every dip. Stock has developed short term base near to 50 day EMA and formed a higher top higher bottom formation on daily as well as on weekly chart, this is bullish pattern in nature. A bullish RSI and MACD buy signal have emerged on the daily chart and a positive diversion from oscillator indicate that stock can move higher from current level so one can initiate buy at CMP of Rs. 1755.70 with a stop loss of Rs. 1715 on (closing basis) for the target price of Rs.1840. Time frame should be 2-4 weeks.
DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014
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