The short-term outlook is bullish for Bata India. The stock rose about 3 per cent on Monday when the benchmark indices fell over a per cent. The price action on the daily chart indicates that the stock is getting good buying interest in the ₹1,250-1,230 region. There is also a possibility of a bullish double-bottom pattern formation on the chart. Cluster of supports are there in the broad ₹1,270-1,230 region.
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Bata India’s share price can rise to ₹1,480 in the coming weeks. Trades can go long now at ₹1,334. Accumulate on dips at ₹1,290. Keep the stop-loss at ₹1,220. Trail the stop-loss up to ₹1,375 as soon as the stock goes up to ₹1,400. Move the stop-loss further up to ₹1,410 when the share price touches ₹1,440. Exit the long positions at ₹1,480.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
