ICICI Direct's research report on Bata India
Post the March sell off, Bata India seems to have formed a good base at Rs 1200. Since then, it has been trading in the range of Rs 1200-1400. Now, it is coming out of the long consolidation range, which was on account of the lockdown due to Covid-19. The open interest in the stock has declined almost 25% since the August series suggesting continuing short covering. Recently, in a highly volatile market, the stock has been balanced in the said range. However, we expect further upsides to be seen in the stock ahead of its quarterly results.
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