Please read carefully head pattern formation of this chart. Price is declining from head after important pattern formation like , /Gravestone and finally cross .
Right shoulder is formed slightly below the left shoulder which indicate the pressure on chart and at a golden ratio of 61.8% from head. Price started falling at 61.8% level by making a pattern. Head & shoulder pattern is completely formed and now waiting only for the neckline breakdown.
Previous day candle is at neckline so if price rally then we will see price may reach up to 1500 level. 1500 level is a psychological number along with 38.2% Fibonacci level. And 1500 is the best price for short sell because of limited upside potential 1568 with small stop loss of Rs 68 and a huge target. Risk Reward from this level would be 1:4
Bata India Short Sell
Sell Below 1450
Stop Loss 1568 (Highest high of and )
First Target - 1300
Final Target - 1225