See more downsides in Bata India: Sukhani

See more downsides in Bata India, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "The down drift continues in Bata India and from Rs 1,000 it has come to Rs 750, which is a  25 percent decline. A bear market is announced when a stock or an index falls 20 percent. So, Bata is not in a bull  market now. At Rs 760 it’s on the verge of a breaking down."
He further added, "Six days ago Bata had a big upmove and for the subsequent five days it has given up all the gains  that it notched up. It has come back to the starting point. That is not a good chart. I think Bata has much more  downside. It is not just Bata, it’s a question of all midcaps, all momentum midcaps, which are now tumbling down,  giving bearish chart patterns. That is one reason why I feel that even if we get a rally in the Nifty, it is going to be either  short-lived or extremely narrow." Disclosure: I have no holdings or interest in the stock discussed.