Sell Bata India on bounce, says Chandan Taparia

Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "One trade on the negative side is Bata India. Due to the market momentum, one can use advantage of the bounce back move and sell the stock on bounce back move with a stop loss of Rs 525. Looking at the entire price structure, the stock has potential to again go down and in that decline it can again go towards Rs 490 level. However, one has to follow strict stop loss and sell only on bounce back move as the broader market is now turning positive."At 10:46 hrs Bata India was quoting at Rs 514.20, up Rs 2.95, or 0.58 percent. It has touched an intraday high of Rs 520.00 and an intraday low of Rs 513.00.