India Infoline puts SELL on Bata India

India Infoline puts SELL on Bata India
Comment E-mail Print Share
First Published: Fri, Feb 20 2009. 10 36 AM IST
Updated: Fri, Feb 20 2009. 10 36 AM IST
On the daily chart, the stock has given a downside breakout. It indicates further weakness in the coming sessions.
On Thursday, the stock closed below the lower trendline (support), confirming the downside. The weekly RSI as well as the MACD continue to depict negative trend.
In view of the above-mentioned technical evidences, we recommend traders to SELL the stock at current levels and on rallies to levels of Rs85 for an initial target of Rs76. A stop loss of Rs87.5 is recommended on all trading short positions.
Comment E-mail Print Share
First Published: Fri, Feb 20 2009. 10 36 AM IST
More Topics: Stock Ideas | Money Matters | Equities |