Buy BATA June Future @ Rs 1,437
Stop loss of Rs 1,418
Target: Rs 1470
- Long build up is seen in the Bata Futures during the June series till now, where we have seen 16 per cent rise in open interest (OI) with price rising by 8.70 per cent.
- On 10 June, the stock price gave breakout on the daily chart by closing above the resistance level of Rs 1,400 with higher volumes.
- It has formed multiple bottoms around Rs 1,300 levels during last one month.
- Oscillators and Momentum Indicators like relative strength index (RSI) and moving average convergence divergence (MACD) are showing strength in the stock on the daily and weekly charts.
- It is trading above its 5, 20 and 200-day SMA (Simple Moving Average) indicating the stock is in uptrend for all the time frames.