Sell Bata India Future at Rs 787; SL Rs 822: Nirmal Bang
Nirmal Bang has come out with its technical call on Bata India. According to the research firm, one can sell Bata India Future at CMP Rs 787 with a stop loss Rs 822 for targets Rs 735-710-680. (Medium Term Holding Period 2-3 Weeks).
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Sell Bata India Future at Rs 787; SL Rs 822: Nirmal Bang
Nirmal Bang has come out with its technical call on Bata India. According to the research firm, one can sell Bata India Future at CMP Rs 787 with a stop loss Rs 822 for targets Rs 735-710-680. (Medium Term Holding Period 2-3 Weeks).
Like this story, share it with millions of investors on M3
Sell Bata India Future at Rs 787; SL Rs 822: Nirmal Bang
Nirmal Bang has come out with its technical call on Bata India. According to the research firm, one can sell Bata India Future at CMP Rs 787 with a stop loss Rs 822 for targets Rs 735-710-680. (Medium Term Holding Period 2-3 Weeks).
Nirmal Bang has come out with its technical call on Bata India . According to the research firm, one can sell Bata India Future at CMP Rs 787 with a stop loss Rs 822 for targets Rs 735-710-680. (Medium Term Holding Period 2-3 Weeks).
The stock has advanced since December'11 and the rally halted in late May'12 as the stock formed a Bearish Head & Shoulder Pattern. The current pattern is tilted downwards which adds further bearishness to the formation.
There was negative divergence observed in RSI in the month of May'12 which indicated an impending trend reversal on cards.
The MACD after a negative divergence gave a bearish crossover in late May'12 which formed the Head of the Pattern and is currently below the 0 line.
The MACD histogram is the difference between the MACD line & the 9 ema which is currently in the negative territory indicating that the indicator is in bearish momentum.
The stock has violated the Bearish Head & Pattern neckline which validates the pattern breakout in the stock and indicates a trend reversal.
The stock is likely to decline towards the 50% & 61.8% retracement level of the previous rise which also coincides with the pattern target.
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