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Bata India Limited
Recommendation: Buy
Last Close: Rs 1,376.65
Initiation range: Rs 1,370 - Rs 1,380
Target: Rs 1,490
Stop loss: Rs 1,320
Bata India has been trading in a range for the last seven months, after a sharp slide from its record high. It has made several attempts to surpass the hurdle of the long-term moving average(200 EMA) in the recent past but failed to sustain above the same however it kept forming a higher base. Indications are now in the favor of a steady up move from hereon. We thus advise initiating fresh longs within the mentioned levels.
