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* On an option front, we are seeing Short Covering in “In The Money” CE strike price and Long Built Up in “Out the Money” CE strike price which suggests a good opportunity to make long position in the counter.
* On a daily chart, the stock is giving a breakout of its “Consolidation Phase” as well as it is trading above its 21-Days Simple Moving Average which indicate that the stock could see a northward movement in the up coming trading session.
* Moreover, the stock has given a breakout of its "Upper Bollinger Band" which suggests a bullish movement in the stock.
* A daily momentum indicator RSI’s reading is at 61.92 level with positive crossover which points out for a positive breath in the counter.
* Based on the above technical structure, we expect a bullish move in BATAINDIA 1380CE.
Buy Bata India Ltd @ Options Ran Neeti SL 39 TGT 69.50 CMP 49.20
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