Buy Bata India, target of Rs 1060: Shubham Agarwal

Shubham Agarwal, Head - Technical Research at Motilal Oswal Securities told CNBC-TV18, "The long-term trend for Bata India has remained positive and that is the reason every time the stock pulls back to the support areas we generally look for a buy trade. So if you look at the pattern that has been formed yesterday on the candlestick term, we call that pattern as doji which is a reversal pattern that is visible on the stock. We feel that this pattern should hold on and based on the pattern we can actually initiate a buy call for a target closer to Rs 1060."

"This is one stock were we see a strong reversal happening and the recommendation is to buy Bata with a stop loss of Rs 880 and target of Rs 1060 which is the earlier swing high that we have already seen in the stock. So this mean reverting kind of an activity will continue in Bata and every time the stock pulls back to the support area is a good buying opportunity," he added.