CMP Rs 816, TGT Rs 920, Stop Loss Rs 785
The stock has been in a long term uptrend but after making a high of Rs989.5 in October 2012 it has been consolidating with a negative bias. Currently the stock is near the weekly trend line support formed by joining the lows of February 2010 and February 2011 which coincides with the 38.2% retracement level of the entire rise from January 2012 to October 2012. BATA INDIA can be accumulated around Rs809 - Rs818 which is expected to provide strong support to the stock.
The stock has been in a long term uptrend but after making a high of Rs989.5 in October 2012 it has been consolidating with a negative bias. Currently the stock is near the weekly trend line support formed by joining the lows of February 2010 and February 2011 which coincides with the 38.2% retracement level of the entire rise from January 2012 to October 2012. BATA INDIA can be accumulated around Rs809 - Rs818 which is expected to provide strong support to the stock.
