Yadunath

My prediction on Bata India has turned out to be a big gainer...

Long
NSE:BATAINDIA   BATA INDIA
On Apr 28th, I had posted on these columns to go long on Bata explaining my rationale in detail.

Bata is going through a major correction since Mar'20 and has since been on what you call as a bear market rally until Jan'21. Since then, the prices touched a low of INR 1264 in Apr'21 when I posted this recommendation on trading view to go long. The retracement that ended in Jan'21 is only the first leg and another
of the retracement remains to be completed.

The decline from Jan'21 through Apr'21 had a completed a Fibonacci 0.618 correction of the bear market rally from Mar'20 until Jan'21. Now, that presented us with the remaining last leg of bear market rally from the Apr'21 lows, which should rise in waves with a potential target of INR 1900 levels. My prediction has so far turned out to be true. Since I had posted, Bata has bounced back from a bottom of INR 1261 levels towards Apr second half to INR 1550 levels, a steep incline in matter of weeks. Look for any pullbacks to build up a long position.

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