Stock idea - Buy Bata India Limited - Axis Securities
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Bata India Limited
* With current close, the stock has decisively broken out its seven months “Cup & Handle” formation at 1676 levels indicating resumption of earlier up move
* This buying was observed around 38.2% Fibonacci Retracement level (1531) of the earlier up move (1263- 1697) which remains a strong support zone
* This breakout is accompanied with huge volume spurt which signals increased participation at breakout
* The daily and weekly strength indicator RSI is in bullish mode which supports upside momentum.
* The above analysis indicate an upside of 1785-1840.
* Holding period is 3 to 5 weeks
Buy Bata India Limited Buy Range: 1690-1658 CMP:1699 Upside: 7%-10% Stop loss: 1612
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