April 21, 2016
Bata India (NSE Cash)
` 569
` 552 - 554
` 522
5-10 sessions
Weekly Chart
Source: Falcon (Time - IST 11:20)
We have seen a good steady up move in the stock from the level on 490 in last four weeks. However,
the stock is now showing some early signs of exhaustion.
On the weekly chart, the stock prices are trading around the 61.8% Fibonacci retracement level of the
recent previous fall from 622 to 438. This level coincides with the resistance of ‘Super Trend’ indicator
and thus, can be considered as a strong hurdle in the near term.
On the daily chart, the momentum oscillator is extremely overbought coupled with the weak intraday
price action.
All these evidences indicate a possibility of some profit booking in the near term. Thus, we advise
traders to sell this stock from current level to a bounce up to ` 554 for a target of ` 522 in coming 5
to 10 trading sessions. The stop loss for this trade set up can be kept at ` 569.
April 21, 2016
Bata India (NSE Cash)
Last 5 recommendations
Recom. Buying/Selling CMP Target 1 Target 2 Stop-loss
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Source: Angel Research
Research Team Tel: 022 - 40003600 (Extn.6552)
E-mail: [email protected]
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