Technical Outlook & Trading Strategy:-
We reiterate our short call on Bata India .The key observation to be made on the charts of Bata India is the negative divergence displayed by indicators.
They signal that the upward movement of the price could have lost force and in all likelihood give some kind of a decline.
The share price has also closed below its short term moving average. In the short term we expect the share price to decline towards the target of Rs 648 / Rs 635 levels once it trades below the
Rs 668 levels. We recommend sell at current price with a stoploss placed above Rs 687.20
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