Nov 21, 2012, 04.42 PM | Source: CNBC-TV18
Kunal Bothra of LKP is of the view that Bata India is a very good stock, it can give 3-5 percent returns in a week.
Kunal Bothra (more)
Head of Advisory, LKP | Capital Expertise: Equity - Technical
Bothra told CNBC-TV18, "Bata India is a very good stock in terms of short-term trading only because if you look at the last four days, it has been some sort of accumulation. You see a resistance around Rs 875-878, which was probably building up. Today it managed to give a good breakout. Volumes are there somewhat but I would probably wait for a confirmation again. But I think this is showing a very good strength even on intraday charts if you look at the moving averages, it is showing that the moving averages are gaining strength. Probably a breakout above Rs 890 would signal a very strong move. I have kept my target for a very short-term with a stop loss of Rs 870, I think this is one stock which could definitely give you a trigger of 3-5 percent from probably a week’s perspective."