Buy Bata India Ltd Target Rs. 2130 - Religare Broking
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* Bata India is among the consistent performer and seeing a steady uptrend since 2009. It also witnesses correction in line with the market but the quantum and pace remain moderate, offering a cushion to investors during tough phases.
* In line with the past instances, after the decline from its record high in early 2020, it gradually recovered in the following months and made a new record high at 2262 in November 2021.
* It has recently ended 8-month long corrective phase after retesting the major support zone of the lower band of the declining channel, which also coincides with the support of a trendline. And, it has formed a fresh base for the next leg of up move. We thus recommend creating longs in the mentioned zone.
Buy Bata India Ltd CMP: 1940, STOP LOSS 1830, TARGET 2130
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