July 21, 2017
Bata India (NSE Cash)
BUY
` 564
` 583 - 587
` 626
14 - 21 sessions
Daily Chart
Breakout from strong
resistance with a gap
Source: Falcon (Time: 09:30 IST)
Justification:
This stock has done remarkably well over the past six months. Due to this price development, the stock has formed a strong
base with a broader perspective and is now poised for a strong up move. Today, we are observing a breakout from the
‘Downward Sloping Trend Line’ around the 584 mark with an upside gap, which is a sign of strength. If we look at the volume
activity, it has been consistently rising, indicating strong buying interest from the participants. In addition, the ‘RSI-
Smoothened’ is now surpassing the 70 mark after a recent dip. Hence, traders are advised to buy this stock at current levels
and on a decline up to at `583 for a target of `626 over the next 14 - 21 sessions. The stop loss should be fixed at
`564.
Sameet Chavan
022-3935 7600 Extn: 6552
1
July 21, 2017
Last 8 recommendations
Buying/Selling
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Status
Range
19-07-17
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167 - 168.50
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190
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156
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05-07-17
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124-125
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BUY
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626
675
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619
Active
*Indusind Bank dividend adjusted price.
Source: Angel Research
Research Team Tel: 022 - 4000 3600
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