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* On the options front, we are seeing Long Unwinding in most of “Out Of The Money” CE strike price which indicates that traders are liquidating their positions from the buying side. However, Put option chain has shown Long Buildup in “Out Of The Money” PE Strike price.
* On a daily chart, the stock has given a breakdown of its “Distribution Phase” which suggests that the stock may fall from current level.
* A momentum indicator RSI and MACD both have shown negative crossover on the daily chart which adds more bearishness to the price.
* Based on the above technical structure, we expect a bullish move in BATAINDIA 1130 PE.
Buy Bata India Ltd @ Option Run Neeti SL 30 TGT 63 CMP 40
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