See lower levels in Bata India: Sukhani

See lower levels in Bata India, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Bata India has been in a downtrend, then it went into a consolidation and yesterday it collapsed from that consolidation. So it is not just yesterday’s Nifty decline, because that caused a lot of price damage everywhere, it is also the fact that this price damage has been caused in Bata by a price pattern. This pattern suggests lower levels are coming. It is not over yet.”
He further added, “Consumption stocks such as Bata and Titan Industries have lower levels. I think Indian market is now completely risk averse; we always were. We are not completely out of risk. It is going to be a lot of damage before this carnage ends."
The share touched its 52-week high Rs 989 and 52-week low Rs 699 on 03 October, 2012 and 23 February, 2012, respectively. Currently, it is trading 24.12% below its 52-week high and 7.37% above its 52-week low. Market capitalisation stands at Rs 4,823 crore.