Bata India may test Rs 1000: Sukhani

Sudarshan Sukhani of s2analytics.com feels that Bata India may test Rs 1000.

Sukhani told CNBC-TV18, "Exide Industries is an interesting stock. I was upbeat on it and then we said that okay there are signs of distribution, let us get out. That was lucky because on the back of news Exide fell from Rs 168 to Rs 130 because the results were not good. But a good stock cannot be held down for long. That will happen to Mahindra & Mahindra (M&M) also."
He further added, "What happened was that after that initial decline for the last two months, Exide is in a trading range. It is not falling. So it is probably building a small base from where it is willing to go up again. Initial signs of a breakout on the upside are coming, we want to take that chance and go long in Exide. If it does not work out today, it will work out in the next few days. This is a stock that is now going back to its earlier highs."
"Bata India made a distribution and actually started falling. We cannot buy a stock that is falling. It has gone through a correction of its own and that was what we said that let us avoid it while it is correcting. That correction is over. Yesterday Bata had a significant upmove, that upmove came on the back of five-six days of very narrow range trading. Again a crossover Rs 1,000 is very likely and position traders should also consider keeping a position or initiating a position in Bata now."