Weekly Recommendation - Long Bata India Ltd For Target Of Rs. 1556 By ICICI Direct
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Weekly future recommendation:
Rationale
In the recent leg of profit booking in the Nifty, Bata remained quite resilient and consolidated above | 1450 levels. I the last couple of sessions, the OI in the stock was declining and no major OI shifted to the April series, which is pointing towards ongoing short covering. We believe the stock could move upwards as it has found support from its major Put base on the back of short covering in the settlement week. Hence, Bata can be bought around current levels for upside target of | 1560.
Long Bata India (BATIND) March future in range of Rs. 1478-1483; Target: Rs. 1556; Stop Loss: Rs. 1441
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