Buy Bata India; target of Rs 920: Nirmal Bang

Nirmal Bang advises traders to buy Bata India with a target price of Rs 920 in its January 21, 2013 research report.

“Bata India has been in a long term uptrend but after making a high of Rs 989.5 in October 2012 it has been consolidating with a negative bias. Currently the stock is near the weekly trend line support formed by joining the lows of February 2010 and February 2011 which coincides with the 38.2% retracement level of the entire rise from January 2012 to October 2012. Bata India can be accumulated around Rs 809 – Rs 818 which is expected to provide strong support to the stock.”

“In the previous uptrend the weekly RSI broke above the 60 levels establishing a Bullish Range therefore the current RSI level of 40 should also act as a support. We initiate a buy call on Bata India with a target of Rs 920.Traders can keep a stop loss at Rs 785 on a closing basis, says Nirmal Bang research report.

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