Buy Bata India; target of Rs 1060: ICICIdirect.com
ICICIdirect.com is bullish on Bata India and has recommended buy rating on the stock with a price target of Rs 1060 in its research report.
July 17, 2013 / 16:49 IST
ICICIdirect.com's report on Bata India
"Bata India is one of the strong outperformers from the FMCG space and remains in a multi-year secular up trend since 2009 as it has maintained a series of higher peaks and troughs on all time frames.""The stock hit an all-time high of Rs 989 in October 2012 and, thereafter, entered a corrective phase mainly driven by profit bookings at lifetime highs. The gradual corrective decline saw the stock find its feet at an important support placed around Rs 700 during March-April 2013 being the confluence of the 61.8 percent Fibonacci retracement of the preceding rally from December 2011 lows (518-989) and the value of long term rising trend line in place since May 2011.'"The stock resumed its upward trend by forming higher highs and higher lows since May 2013. Last week’s up move has seen the stock price pierce through a key medium term trend line connecting the peaks of October 2012 (Rs 989) and June 2013 (Rs 898). The breakout above the downward sloping trend line marks the end of the corrective phase and start of a fresh uptrend as bulls regain control."Strategy: "Buy Bata India in the range of Rs 904-887 for a target of Rs 1060 with a stop loss below Rs 815 on a closing basis," says ICICIdirect.com research report.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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