IIFL is bullish on Bata India and has recommended buy rating on the stock with a target price of Rs 585 in its January 5, 2012 research report.
"Bata India has given a breakout from the downward sloping resistance line on the daily chart. Weekly line chart shows a breakout from a falling wedge pattern. Such back to back confirmation on short term and medium term chart supports our buying argument at current levels and provides better risk-reward ratio. The rally was accompanied with a positive crossover in RSI, earmarking inherent strength in the counter. Based on above observations, we recommend traders to buy the stock above Rs 555 with stop loss of Rs 545 for target of Rs 585," says IIFL research report.
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