July 04, 2016
Bata India (NSE Cash)
BUY
` 537
` 557 - 552
` 592
14 - 21 sessions
Weekly Chart
Source: Falcon (Chart Time: 10:05 IST)
Justification:
Of late, we witnessed a decent correction in this stock from highs of 602. However, this correction precisely got
arrested around the 61.8% Fibonacci retracement level of the previous up move. This level of 502 coincided
with the ‘Super trend’ indicator and thus, we saw a good recovery from it. In addition, the stock prices went on
to form a ‘Spinning Top’ pattern on weekly chart, which has now been confirmed on a closing basis. During
the session, the stock managed to surpass the daily ‘Super Trend’ hurdle at 555 along with the ‘RSI-
Smoothened’ crossing the 50 mark. Thus, going by these multiple evidences, traders are advised to buy the
stock at current levels and on declines up to `552 for a target of `592. The stop loss for the trade set-up can
be kept at `537.
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July 04, 2016
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Booked Profit at 322
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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