 "Here's a derivative strategy on Bata India by HDFC Securities")
Sell Bata Future at Rs 1,339
Target Rs 1290
Stop Loss Rs 1367
Lot Size 550.
Rationale:
- We have seen Short build in the Bata futures yesterday, where we have seen 23% rise in the Open Interest (Prov) with price falling by 4%.
- Stock price has broken down on the daily chart to close at lowest level in the June month with higher volumes.
- Short term trend turned negative where stock price has closed below its 20-day SMA.
- Daily RSI oscillator is showing negative divergence
- + DI has fallen below -DI yesterday, indicating bears are having an upper hand
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