Ever since the Rally off the March lows, Bata as a stock has been struggling and massively underperforming Nifty. Clearly something is wrong here that means, possibly a Long Term Top in place and a BIG TREND CHANGE..... as its looking Quite Bearish on the Weekly & Monthly Charts too.
Now coming to my Short Term Bearish view as per Daily Charts:
- You can see a Clear RSI Bearish Divergence - MACD crossover sell signal alreafy generated, MACD too is showing a bearish divergence - Price is below Key Anchored VWAP levels - Head & Shoulder reversal pattern forming, Lower Highs and Lower Lows - Target headed to 1150 levels by October expiry - DO NOT GET BULL Trapped in this Stock, its extremely weak (ON THE VERGE OF BREAKING A KEY MONTHLY TREND LINE TOO!)
Stay Safe and avoid Longs in Bata if you don't want to Short :)