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K Seshadri
Bata India Ltd could give you a good spring in an otherwise wobbling market. The scrip moved down from a recent peak of Rs 260 to Rs 206. It made a quick dip to Rs 197. But the Rs 206 level marks the bottom more realistically.
It is back on the path of recovery. As you can see from the chart the scrip did not react on Wednesday. This is because it has just begun its journey northwards.
The first target is Rs 228; Later it could move up to Rs 253. The stochastic indicator has signalled a buy on the daily chart.
The fact that Rs 205 was the bottom support even in September, makes this an ideal case for traders to go in for volume trade.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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