The stock bounced back from it Fibonacci retracement of more than 0.618 of 1370.45 as of 20th March 2023, from its all time high of 2182.75 reached on 16th Nov 2021, falling more than 37% from it all time high.
The stock had bounced to 1771.45 on 8th Aug 2023 and back to a low of 1530 on 9th Nov 2023.
Since then the stock has broken out of its downward trend line...
Bata India is primarily engaged in the business of manufacturing and trading of footwear and accessories through its retail and wholesale network.
Disclaimer: This analysis is solely for educational purposes and does not make me a SEBI registered analyst.
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A Bullish Flag and Pole Chart Pattern Breakout happened on the weekly Time frame of BSE:BATA1!
Price Action is well supported by the volume.
The stock is currently in uptrend making higher highs and higher lows.
One can add this stock into their stocks to buy list.
Initiate the long trade only according to the levels mentioned.
Stop loss will be on weekly...
Bata india has now regained its 1600 level, hovering at around the falling trendline. It might breakout after a consolidation, also festival and wedding season is coming.
BUY ON DIPS IN BATA INDIA.
1550-1650 is very strong support for bata india. Make positions around this range or buy at current market price.
Stop loss at 1530
Targets at 1850, 2000, 2150,...
LOOKS GOOD FOR LONG POSITION WITH A SL OF 1370
- Wolfe Wave formation
- Wave 5 Taking immense support at Golden ratio of 1.618 ( Retracement of Wave 4 )
- Exaggerated Divergence of RSI
- ADX Reversing Downside from 44
- Risk to Reward Ratio is Fantastic
Target would be 1483 and above it will lead to 1611
CHART & ANALYSIS
Adarsh Kumar Dey
1. Bearish Engulfing Bar formed at round number and S/R zone.
2. 61.8 Fibonacci Retracement at that perfect level.
3. Take profit and Stop Loss level correctly mentioned in the chart.
4. Entry should be below that confirmation engulfing bar.
chart have first bearish butterfly @ 2261 and price falling for completed the target of butterfly .
now on current price chart show some reversal patterns and PRZ area between 1395-1260 with ab=cd ,Bat,@ channel bottom
for reversal we should plan entry in 3 part
buy bataindia above 1448 (30%) add more 1348(30%) rest near stoploss 1270...
When it comes to rewarding it's shareholder over the period of years and clean management then Bata is one of the top companies in Indian Stock Markets.
And if you get such company at reasonable price levels backed by Technicals then it's no less than it's no less than a Gem...Add some BataIndia here adn Some at Lower Levels for new highs of ~2600
Price is under falling channel with RSI showing +ve divergence
It has also closed above 20dema after 76 session with good volumes and as per VSA analysis, even though volumes were higher candle stick spread is very small and this has appeared in a downtrend. It can be sign of smart accumulation here and breakout above 1450 could trigger good short covering....
Bata India forming a wide range on 30 min TF and plans to play in between the range or trade the breakout
the volume is crucial to watch
if the daily candle closes above the supply zone then aim for a swing move up.
trade with proper stop loss and do your analysis too.
like and comment your views below
Bata India Ltd. (BIL) is the largest retailer and leading manufacturer of footwear in India, with 2,000+ retail stores as of December 2022.
We downgrade to Accumulate rating (from Buy) and revise our target price to ₹1,620 (from ₹2,155), factoring current weak demand. Revenue grew by 7 per cebt YoY aided by an improvement in the premium mix.
Average selling price...