Buy Bata India for target of Rs 375: IIFL
IIFL is of the view that Bata India has broken past three weeks resistance line. It has recommended traders to buy the stock for target of Rs 375.
By ET Bureau |
MUMBAI: IIFL is of the view that Bata India has broken past three weeks resistance line. It has recommended traders to buy the stock for target of Rs 375.
“Based on daily line chart, Bata India has broken past three weeks resistance line. The stock was stalling around the downward sloping resistance line since last two weeks. A close above the resistance zone accompanied with heavy volumes is likely to take the stock towards the levels of Rs 380 and above in the near term.
Similar breakout is observed on the daily RSI. Inverted Hammer candlestick was seen on Wednesday, which is likely to act as a strong support on any declines. Furthermore, the support also coincides with 100-DMA. We recommend traders to buy the stock above Rs 359 with stop-loss of Rs 353 for target of Rs 375,” the report said.
Note: Trading idea valid for time-period of 1-3 days.
“Based on daily line chart, Bata India has broken past three weeks resistance line. The stock was stalling around the downward sloping resistance line since last two weeks. A close above the resistance zone accompanied with heavy volumes is likely to take the stock towards the levels of Rs 380 and above in the near term.
Similar breakout is observed on the daily RSI. Inverted Hammer candlestick was seen on Wednesday, which is likely to act as a strong support on any declines. Furthermore, the support also coincides with 100-DMA. We recommend traders to buy the stock above Rs 359 with stop-loss of Rs 353 for target of Rs 375,” the report said.
Note: Trading idea valid for time-period of 1-3 days.
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