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Weekly stock picks by Ajit Mishra of Religare Broking: Buy Bata, Maruti

Bata India has been trading in a range for the last seven months, after a sharp slide from its record high.

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Manappuram has formed a strong base on the daily chart while holding above the support zone of the medium moving average(100 EMA).

Ajit Mishra Mumbai

2 min read Last Updated : Nov 18 2020 | 8:44 AM IST

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.

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