BUY BATAINDIA ABOVE 780 TGT 800/820 SL 755
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Market summary 18 MAY 2018: All the sectoral indices on ended
lower with capital goods losing most at 3.05%, industrials 2.54%, metal 2.36%
and healthcare 2.06%. BSE MidCap and SmallCap declined 1.47% and 1.62%,
respectively. Hindustan Unilever, Kotak Bank, IndusInd Bank and ITC were top
gainers by rising up to 2.22%, whereas Wipro, ICICI Bank, Sun Pharma and
L&T were among the major losers, falling over 3%. Bajaj Auto Ltd on Friday reported a
34.67% jump in March quarter (Q4) net profit on the back of higher motorcycle
and three-wheeler sales in domestic and overseas markets. Shares of
Reliance Communications Ltd fell 6.34% to Rs15. Voltas Ltd shares fell 6% to Rs547.
Bata India Limited is engaged in the
business of manufacturing and trading of footwear and accessories through its
retail and wholesale network, and development of real estate. Its result announce on 22 may 2018. Primary
trend of the BATAINDIA is bearish and after giving breakout of its range bound
movement, it is forming continuation pattern in short term charts, it is likely to continue the negative
movement with the breakout of the support levels of 749 , where one may keep
the targets of 738,720 in the stock with the stop loss of 780. Overall
trend of the stock is bullish only above 780 and as the stock is managing to
trade above its 22& 55 and 200 days moving averages with the RSI of 50, one
may expect the targets of 800/820 in the stock if it manages to sustain above
the immediate support level of 750. 200 EMA can see as a strong support at 716.
DAILY CHART FOR BATAINDIA
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