At 1119 the RSI was at 83-84 & now at 1276 the RSI is around 75 shows a clear sign of overvaluation & also steeper the climb faster is the downfall. Short @ 1280-1300 & for a T1 of 1080 & T2 of 850.
Trade closed manually
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I was completely wrong about my interpretaion in the above idea. I forgot about the most basic underlying of Bata being a consumer stock.
@French_Fries, Well the steeper the climb, faster is the retracement. They have show a lot of positive in the oct-dec quarter but they have also said that they have opened new store & franchises. There was also EOSS in december whose losses will be booked in jan-mar quarter plus the new stores & franchise opening cost & everything will also be booked in the last quarter. So i definitely feel it will fall to the levels of Rs. 950-1000
French_Fries
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@Vikalpbothara, I understand that, I’m short too on this one. I guess there some more irrationality left on this.
mklives
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@Vikalpbothara, ya but unless it falls the current feb series shorts are scrwed..also i guess the shorts are gtting covered on every upmove which is pushing the stock up and up..
Vikalpbothara
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@mklives, @French_Fries the irony i would like to tell you. One of my friends is working in a capital investment firm. He has been shot in bata since december 2018 @ a price of Rs. 1077/- & has been rolling over the position since. hahaha
mklives
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@Vikalpbothara, wooowwww.. thts like shooting in the head..
French_Fries
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@Vikalpbothara, your friend has big balls, let him know that.
mklives
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@French_Fries, guess we should start giving long calls only..haha