Aditya Birla Money is bullish on Bata India and has recommended buy rating on the stock with a target of Rs 700 in its August 1, 2011 research report.
"Bata India has been rising in a well defined rising channel formed joining pivotal highs and lows since its low of Rs 296 in Feb 2011. Bullish Belt Hold pattern formed in Friday's session indicates that Bulls continue to dominate and are likely to push prices higher towards the upper band of rising channel at Rs 700 zone."
"Daily momentum after forming a positive reversal with prices has given a positive crossover from oversold zone adding strength to our bullish view. RSI has been all throughout trading above the neutral zone of 50 confirming the ongoing bullish trend. Only a close above Rs 630 would negate our bullish view turning the sentiment negative. Buy Bata India at CMP Rs 659 and on dips to Rs 650 for a target of Rs 700 with stop placed below Rs 630," says Aditya Birla Money research report.
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